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Finance
Big Tech expands territory beyond payments into financial infrastructure
Fintech and Big Tech firms are expanding financial services beyond payments and transfers into identity verification, offline payments, venture capital and corporate finance. Toss, Kakao Pay and Naver Pay can use a government network to verify resident registration cards, strengthening non-face-to-face checks and fraud prevention. Naver Pay launched Npay Startup with the Financial Supervisory Service. Kakao Pay Securities secured an investment dealing licence. Financial groups are revamping second-half strategies as household lending rises and regulators review IT controls and network separation rules.
Finance
KakaoBank discusses digital finance cooperation with Mongolia\'s central bank
KakaoBank discussed ways to cooperate on digital finance with Mongolia\'s central bank and MCS Group, the company said. KakaoBank introduced its digital banking technology, customer-focused UX and UI strengths, and data-based risk management and credit scoring know-how. It also shared progress in cooperation with MCS Group and M Bank and discussed expanding digital financial services suited to Mongolia. KakaoBank plans to develop an alternative credit scoring model with MCS Group.
Finance
KakaoBank steps up Mongolia push with strategic partnership with MCS Group
KakaoBank said on April 9 it signed a business agreement with Mongolia\'s largest company, MCS Group, to accelerate its entry into the Mongolian financial market. The two companies agreed to cooperate on a strategic equity investment in M Bank, upgrades to credit scoring models and joint development of alternative credit scoring, advice on products, services and UX and UI, and joint entry into Central Asia. KakaoBank plans to apply its credit assessment and risk management capabilities in Mongolia.