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Crypto

NH Nonghyup Bank, Bank of Korea and KECO cooperate on digital currency subsidy management

NH Nonghyup Bank will work with the Bank of Korea and the Korea Environment Corporation to build a digital currency-based system for managing state subsidies. The three organisations signed a memorandum of understanding on July 2 to 추진 a digital currency-based subsidy programme for medium-speed electric vehicle charging facilities. They agreed to operate a digital currency network stably for reliable payments and settlement and to support subsidy disbursement and management.

Finance

Big tech financial platforms tighten internal controls; banks compete for young customers

Internal controls for fintech financial platforms are being tightened as concerns grow that system failures in payments, transfers and top-ups could quickly harm consumers and erode trust. Financial authorities have urged big tech e-finance operators to build IT stability and internal control systems comparable to traditional financial firms, while also revising support tools such as the financial regulatory sandbox. Banks are also stepping up competition for young customers as a youth savings product draws strong early demand.

Fintech

Youth Future Savings open to applications regardless of birth year from June 29

South Korea’s Youth Future Savings will accept applications from June 29 to July 3 regardless of applicants’ birth year, after the end of a birth-year rotation used during the first five business days. The three-year savings product allows flexible monthly deposits of up to 500,000 won. The government will provide matching contributions of 6 percent for the general plan and 12 percent for the preferential plan, and interest income tax will be exempted. Income screening runs July 6 to 24.