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Finance
Toss Bank offers overseas remittance customers fee waiver and 50,000 won cashback promotion
Toss Bank said on Tuesday it will run an overseas remittance promotion through March 31 for customers who send money abroad through the bank. The bank will waive the 3,900 won fee per transfer, with no limit on the number of discounted transfers per person, regardless of the amount. It will also pay 10,000 won cashback for transfers of $5,000 or more, up to five times per person, including eligible non-USD transfers.
Finance
Mirae Asset Securities raises 100 billion won in South Korea\'s first digital bond issue
Mirae Asset Securities said on Jan. 29 it successfully completed South Korea’s first digital bond issuance, raising a total of 100 billion won. The digital bonds were issued simultaneously in HK$325 million and $30 million. HSBC served as lead manager, with Mirae Asset Securities’ Hong Kong unit as co-lead manager, under a private placement structure. The issuance used HSBC’s Orion tokenisation platform connected to the HKMA’s CMU settlement infrastructure.
Finance
Internet banks cut fees, boost speed to target overseas remittances
South Korea\'s internet-only banks including K Bank, Toss Bank and KakaoBank are pushing into the overseas remittance market by competing on fees, speed and user experience. The government has unified the documentation-free remittance limit across financial sectors at $100,000 and scrapped the designated transaction bank system, expanding consumer choice. Toss Bank launched a new service with 3,900 won fees and faster delivery. K Bank cut transfer fees to 4,000 won until June 30 and added tracking tools. KakaoBank waived receiving fees and offers cumulative management.
