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Crypto

Kakao Group, Circle cooperate on digital asset infrastructure including won stablecoin

Kakao Corp, Kakao Pay and KakaoBank will work with global fintech firm Circle to review building blockchain-based payment and settlement infrastructure, including a won stablecoin. Kakao Group said it signed a strategic cooperation agreement with Circle Internet Group on digital asset technology. The two sides plan to seek business opportunities in payments, settlements and digital asset links, and review won-based digital assets and tokenised financial services in line with domestic regulatory and market changes.

Finance

PG firms team up to block fraudulent payments, rate hike fallout in focus

South Korea\'s fintech sector is expanding payment infrastructure while strengthening security and user protection. The Financial Supervisory Service and the Korea Fintech Industry Association launched a consultative body with major payment gateway firms to curb suspicious transactions. The Bank of Korea raised its policy rate to 2.75 percent, the first hike in 3.5 years, prompting tighter household lending management. Authorities also plan higher deposits and trading units for single-stock leveraged ETFs.

Finance

PG industry moves to jointly counter fraudulent payments to close gap missed by banks\' FDS

South Korea\'s payment gateway industry has moved to a joint response after a security gap emerged in which suspicious transactions that pass financial firms\' fraud detection systems are not blocked at the PG stage. The Financial Supervisory Service and the Korea Fintech Industry Association launched an online fraudulent payment response consultative body on Tuesday with major PG firms, the Financial Security Institute and experts. The body will share cases, draft standard guidelines by November and link them with supervision.