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Finance

Finance network separation rules eased, fueling 140 trillion won fintech investment

South Korea\'s financial authorities expanded the scope of eased network separation rules for AI use to secondary financial institutions and electronic financial business operators. The number of firms to be selected rises to as many as 15, and eligibility thresholds are lowered. Selected institutions can use external AI and security SaaS after putting alternative controls in place. Industry expectations are mixed, with some firms cautious. Global fintech investment rose to $103.1 billion in the first half, with focus expected to shift to AI and financial infrastructure.

Finance

Policy lenders to launch 700 billion won fund to support growth of promising firms

IBK Industrial Bank of Korea, Korea Development Bank and the Export-Import Bank of Korea will form a joint fund worth 700 billion won to support the growth of promising small, midsize and venture companies. The three institutions said on Sept. 7 they had announced an investment programme for a policy-lender global scale-up cooperation fund. They plan to contribute 450 billion won in total and add private capital. Proposals are due by Sept. 30, with a final selection expected in November.

Finance

Finance union opposes relocation of KDB, IBK, Korea Eximbank and NongHyup; 30,000 in strike

The National Union of Financial Industry Workers launched a general strike opposing plans to relocate Korea Development Bank, Industrial Bank of Korea, Korea Eximbank and NongHyup and other financial institutions outside Seoul. The union said the financial industry depends on concentration of specialised workers and cooperation among institutions, and warned uniform relocation could hurt competitiveness. It held a rally in central Seoul with about 30,000 participants, and said it may escalate action if talks make no progress.