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Finance

KakaoBank expands services for foreign residents, from account opening to overseas remittances

KakaoBank is expanding services for foreign residents in South Korea, offering mobile account opening without branch visits, dedicated verification and multilingual support. It introduced a foreigner account, check cards, overseas remittances and multilingual counselling. Customers can submit documents in-app and obtain balance and transaction statements. Fees for transfers and ATM use are waived under the same conditions as domestic customers. KakaoBank plans to add deposits, open banking and loan comparison next year.

Finance

PG firms team up to block fraudulent payments, rate hike fallout in focus

South Korea\'s fintech sector is expanding payment infrastructure while strengthening security and user protection. The Financial Supervisory Service and the Korea Fintech Industry Association launched a consultative body with major payment gateway firms to curb suspicious transactions. The Bank of Korea raised its policy rate to 2.75 percent, the first hike in 3.5 years, prompting tighter household lending management. Authorities also plan higher deposits and trading units for single-stock leveraged ETFs.

Fintech

IBK Industrial Bank of Korea enters group account race with transaction sharing and dues management

IBK Industrial Bank of Korea has launched its \"IBK Group Service\" and entered competition in group account services, aiming to help families, clubs and other groups manage funds more transparently and conveniently. The bank said the service is available through the i-ONE Bank (personal) app by linking an existing account or opening a new group account. It offers real-time sharing of transaction history, detailed reports and tools to manage dues.