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Finance

Lawmakers criticise banks over interest rates, hacking, IT errors and governance questions at audit

Issues ranging from banks’ loan-rate calculations to hacking incidents, IT system management and financial holding companies’ governance were raised at a National Assembly audit. Lawmakers questioned whether banks cut preferential rates after tighter rules on loan add-on rates. They also probed differences in cybersecurity systems among banks and called for stronger standards. Delayed detection of internal system errors, including cases at Toss Bank, was cited. Governance and outside director appointment procedures at BNK Financial Group, Woori Financial Group and KB Financial Group affiliates were also questioned.

Finance

KakaoBank overseas remittances top 5 million, expands fee waivers

KakaoBank said cumulative usage of its overseas remittance send-and-receive service has surpassed 5 million transactions. The online bank said it will waive basic fees charged when transferring from a foreign-currency account to an overseas account through Dec. 31. It also said it will extend the fee waiver period for receiving overseas account transfers through Sept. 30, 2027. KakaoBank launched its overseas remittance service in July 2017.

Crypto

SBI adds Japanese short-term government bonds to reserves for yen stablecoin JPYSC

SBI Group has started managing part of the collateral for yen-pegged stablecoin JPYSC in short-term Japanese government bonds. SBI Shinsei Trust Bank and SBI VC Trade said they began the operation on Sept. 7, covering 1 billion yen of trust assets. The move uses provisions of Japan’s revised Payment Services Act, effective June 2026, which allows up to 50 percent of trust-type stablecoin reserves to be held in short-term government bonds or time deposits.