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AI & Enterprise

Finda wins approval to buy 60% stake in Daewon Savings Bank, first fintech entry into savings bank sector

Finda, a fintech company, is entering the savings bank business through the acquisition of Daewon Savings Bank. The company said it won approval from South Korea\'s Financial Services Commission on Oct. 21 for a change of major shareholder. The deal totals 12 billion won, with Finda taking a 60% stake and Jeonbuk Bank holding 40%. Finda plans to develop its own financial products and build an AI-native banking system.

Finance

JB Financial invests 40 billion won in Upstage, takes 2 percent stake

JB Financial Group has invested 40 billion won in AI technology company Upstage to secure about a 2 percent stake. The group said three affiliates, Jeonbuk Bank, Gwangju Bank and JB Woori Capital, signed a Series C-2 investment contract totaling 40 billion won. JB Financial said the investment follows a strategic partnership signed in September and is aimed at strengthening cooperation to apply AI across financial operations.

Finance

Financial sector hacking spreads, delays gain support for digital asset tax postponement

A string of hacking incidents in South Korea’s financial sector has led to confirmed personal data leaks at savings banks and mutual finance groups, prompting authorities to step up inspections and security requirements. Banks are moving to raise cybersecurity spending and expand fraud prevention systems using AI. Market volatility and a steep stock selloff also drew a policy response. Political debate intensified over postponing digital asset taxation and regulating exchange shareholders.