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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 steps up digital finance cooperation with Mongolia\'s MBank

KakaoBank is expanding cooperation with a Mongolian digital bank on alternative credit scoring and is pursuing an equity investment. The company said CEO Yun Ho-young attended the Korea-Mongolia Business Forum in Ulaanbaatar on July 9 as part of the South Korean president\'s economic delegation. KakaoBank discussed cooperation with MCS Group and signed a term sheet for a strategic investment in its digital bank unit, MBank.

AI & Enterprise

South Korea, Mongolia resume science and technology cooperation after 14 years, expand AI cooperation

South Korea and Mongolia have resumed official cooperation in science and technology for the first time in 14 years, holding a joint committee meeting and a science and technology forum. South Korea\'s Ministry of Science and ICT said it held the third South Korea-Mongolia Joint Committee on Science and Technology in Ulaanbaatar on July 8 with Mongolia\'s Ministry of Economy and Development. The sides discussed exchanges and joint research and signed multiple cooperation memorandums.