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Finance

K Bank launches time-choice term deposit paying up to 3.71 percent

K Bank has launched a term deposit that allows customers to choose whether to receive interest immediately or at maturity, while also permitting up to two additional deposits and two partial withdrawals. Additional deposits can be made until the day before maturity, starting from 1 million won and up to twice the initial amount. The minimum opening amount is 1 million won with no deposit cap. Rates range from 3.0 percent for one month to 3.71 percent for 12 months.

Finance

P2P lenders gain momentum as rules ease; financial CEO appointments gather pace

Korea\'s online investment-linked finance industry is accelerating mid-rate lending to mid-to-low credit borrowers and sole proprietors after regulatory improvements. The Financial Services Commission plans to raise self-funding investment limits and financial-company linked investment caps, and expand limits for general investors. Major financial institutions are also stepping up CEO selection processes, while regulators tighten oversight of bank asset quality, governance and internal controls. Payment and digital-asset businesses widen partnerships and services.

Crypto

Aracore joins Paxos Global Dollar Network

Aracore, the U.S. subsidiary of blockchain and AI company BPMG, said on Sept. 18 it has joined the Paxos-led Global Dollar Network as a partner. The company plans to build institutional digital finance infrastructure based on multiple stablecoins, including USDG. It will link stablecoins with institutional financial networks using its Institutional Settlement Network and expand cross-border remittance, payment and settlement services through partnerships with K Bank, HashKey and VirgoPAY.