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Search results for Korea Fintech Industry Association

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.

Crypto

Korea Fintech Industry Association, XRPL Korea to support commercialisation of digital asset businesses

The Korea Fintech Industry Association said it signed an agreement with XRPL Korea on Aug. 20 to help domestic fintech firms identify and commercialise new digital asset-based businesses. The two plan joint programmes focused on payments, remittances and settlement, stablecoins, tokenisation of real-world assets and digital asset financial infrastructure. They will support idea verification, proof-of-concept work and service implementation, and may link follow-up cooperation with global XRPL networks and financial institutions.

Finance

MyData market expands as Korea faces impact of consecutive base rate hikes

Korea\'s financial MyData service is set to expand beyond individuals to sole proprietors and small merchants, evolving from simple data checks to executing financial tasks. The Financial Services Commission plans to broaden the right to request transmission of credit information and to introduce a \"My AI agent\". Separately, the Bank of Korea has raised its base rate for a second straight month, adding to upward pressure on loan rates and borrowers\' interest burdens.