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Finance

National Participation Growth Fund sells out as financial sector steps up payment ecosystem expansion

South Korea\'s National Participation Growth Fund effectively sold out on its first day of sales, with more than 87 percent of supply taken up and some online allotments closing in 10 minutes. Financial authorities are reviewing options to bring forward next year\'s supply or add more, with additional sales in the second half also discussed. Markets also saw spillover effects, while financial institutions and fintech firms moved to expand payment ecosystems and data-driven services.

Crypto

NHN KCP rolls out 2-second payments in race to commercialise stablecoin payments

NHN KCP is moving to test the commercial feasibility of stablecoin-based payments. The company is running a proof of concept tied to its Payco easy-payment service, covering both online gift certificate purchases and offline payments at facilities at its headquarters. It is also building a blockchain-based payment ecosystem through a payment-focused mainnet developed in cooperation with the Avalanche blockchain platform.

Finance

NHN KCP builds payment infrastructure for CJ Olive Young\'s Olive Point

NHN KCP is building payment infrastructure for CJ Olive Young’s in-house membership points programme, Olive Point, as it seeks to expand the prepaid payment market. The company said on May 18 it will supply CJ Olive Young with a payment solution based on prepaid electronic payment instruments. NHN KCP will link customers’ accumulated points to its payment system for safe use like cash. The two companies also plan to expand cooperation in prepaid payment services.