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Finance

Big tech financial platforms tighten internal controls; banks compete for young customers

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.

Fintech

Hana Financial to support recovery of local commercial districts for young small merchants

Hana Financial Group will support the recovery of local commercial districts, focusing on young small merchants. It signed an agreement with the Korea Small Business Market Corporation to launch the \"Hana On, Youth On\" project. The two sides plan to identify and foster about 4,000 small-merchant businesses in 60 districts nationwide through 2029. Hana Financial will secure 5 billion won over four years and provide training, revitalisation support and integrated promotion.

Finance

Banks\' delivery apps and budget mobile services emerge as data for inclusive finance credit scoring

Banks\' non-financial businesses such as delivery apps and budget mobile services are drawing attention as infrastructure for alternative credit scoring to support inclusive finance. The push reflects growing demand to assess small merchants, young workers and freelancers who lack sufficient financial transaction history. Shinhan Financial Group, KB Kookmin Bank and others are applying non-financial data such as orders, sales flows and telecom bill payments to broaden lending, while financial authorities discuss reforms to expand alternative credit evaluation.