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Finance

Finance sector on edge as talk grows of relocating key financial institutions from Seoul

South Korea\'s finance sector is on edge amid speculation the government is close to announcing a second plan to relocate public institutions outside Seoul. Korea Development Bank, IBK Industrial Bank of Korea and Export-Import Bank of Korea are being mentioned, along with the Financial Services Commission and Financial Supervisory Service. The government has not officially confirmed targets or regions. Labour groups are escalating opposition, with unions planning a general strike and rallies to block any relocation.

Finance

Korean banks report 49 billion won in loan-fraud financial incidents; Shinhan, Woori, IBK revise amounts up

KB Kookmin, Shinhan, Woori and IBK Industrial Bank of Korea reported financial incidents totaling 49 billion won stemming from fraud by external parties. KB Kookmin made a new disclosure, while Shinhan, Woori and IBK revised earlier disclosures upward. KB Kookmin reported a 3.58 billion won loan-fraud incident tied to cases from September 2023 to December 2024. The banks said investigations are under way.

Finance

Fintech posts record results as payment touchpoints expand, signs of loan curb easing

Major fintech firms posted strong first-half results as growth in payments and financial services lifted revenue and profit, with overseas payments and new businesses also expanding. Payment companies are widening links into daily life through merchants, local currencies and transport, while firms bundle payments with other services. As businesses grow, demands for soundness management rise. Separately, there are signs of partial adjustments to loan regulations, while bank lending volume controls continue.