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Fintech

Youth Future Savings open to applications regardless of birth year from June 29

South Korea’s Youth Future Savings will accept applications from June 29 to July 3 regardless of applicants’ birth year, after the end of a birth-year rotation used during the first five business days. The three-year savings product allows flexible monthly deposits of up to 500,000 won. The government will provide matching contributions of 6 percent for the general plan and 12 percent for the preferential plan, and interest income tax will be exempted. Income screening runs July 6 to 24.

Finance

Shinhan reignites financial super app race as AI moves into workplace

Shinhan Financial Group unveiled its integrated platform Shinhan SuperSOL, combining banking, card, securities and insurance services in one app, reigniting competition over financial “super apps”. The revamp centres on the banking app and includes SOL LINK, which ties deposit accounts to stock trading. Separately, AI use in finance is expanding beyond chatbots to agent-style systems for document analysis, customer service and automation, while banks and fintechs roll out workplace programmes and data-hub projects.

Finance

ELS fines cut to 600 billion won after local elections, financial policy in focus

With the June 3 local elections over, attention in South Korea’s financial sector is shifting back to financial authorities and the National Assembly. Issues that lost traction during the campaign, including governance reform at financial holding firms, digital asset regulation, loan rules for non-resident single-homeowners and a compensation liability system for voice phishing, may return to the agenda in the second half. Regulators have also adjusted ELS sanctions and stepped up work on consumer protection and AI security threats.