Internal controls for fintech financial platforms are being tightened as concerns grow that system failures in payments, transfers and top-ups could quickly harm consumers and erode trust. Financial authorities have urged big tech e-finance operators to build IT stability and internal control systems comparable to traditional financial firms, while also revising support tools such as the financial regulatory sandbox. Banks are also stepping up competition for young customers as a youth savings product draws strong early demand.

South Korea\'s Financial Supervisory Service will intensively inspect how financial firms implement basic IT controls in the second half of the year to help prevent electronic finance incidents. The watchdog plans to review firms\' incident response capabilities and IT resilience as system failures and security breaches continue. It will also check data centre power facilities for fire prevention and measures to block unauthorised access via wireless networks. Compliance with information security duties linked to cloud-based SaaS will also be examined.