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Finance

Financial sector \'digital risks\' rise, putting IT controls to the test

As financial companies expand use of AI, South Korean regulators are sharpening oversight of security and internal controls. The Financial Services Commission plans to exempt sanctions for minor system disruptions during AI security tests or emergency patches if conditions are met, while requiring swift recovery and consumer protection. The Financial Supervisory Service will intensively inspect IT basic controls in the second half and urged banks to build AI internal-control systems. A Woori Bank data leak and broader market and industry moves have also highlighted digital risks.

Telecommunications & Media

SKB to launch integrated telecom-payment product with Toss Place for small merchants

SK Broadband will launch a bundled telecommunications and payment product with payment terminal and POS solution provider Toss Place on June 25 to ease operating cost burdens for small merchants. Subscribers can receive monthly internet fee discounts of up to 4,400 won, depending on conditions, and some customers will get a Toss Front terminal for free. The companies will run events through Aug. 31 and introduce on-site training programs.

People

Toss Place trains aspiring entrepreneurs on payments and store operations

Toss Place, a payments terminal and POS solutions unit of Viva Republica, provided practical training for aspiring entrepreneurs on payment environments and store operations. It set up a demonstration space where participants could experience payment terminals and POS solutions used in real stores. Toss Place said it joined the Seoul Credit Guarantee Foundation’s food service start-up training programme, Prep Academy. The training included practice using Toss Front, Toss POS and Face Pay.