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Finance

Toss becomes first big tech financial conglomerate, enters group supervision

Toss has entered South Korea’s group supervision framework after being designated a financial conglomerate, the first such case among big tech financial groups. The designation adds group-wide oversight of capital adequacy, intra-group transactions and risk transfer on top of sector-by-sector rules for affiliates such as Toss Bank and Toss Securities. Authorities will assess the group every three years, apply capital rules at group level and tighten internal transaction procedures, while key requirements are deferred for six months.

Crypto

U.S. Clarity bill stumbles at last minute; Naver Financial-Dunamu tie-up stalls

The crypto industry’s main focus is the United States’ Clarity bill, with four weeks left before a Senate deadline amid pressure from House members, late-stage wrangling over ethics provisions, and banks seeking changes to a stablecoin interest clause. XRP dominated attention this week but remained weak versus bitcoin. Bitcoin forecasts stayed mixed. In South Korea, regulators approved Mirae Asset Consulting’s purchase of Korbit, while the Naver Financial-Dunamu deal was delayed again.

Finance

PG industry moves to jointly counter fraudulent payments to close gap missed by banks\' FDS

South Korea\'s payment gateway industry has moved to a joint response after a security gap emerged in which suspicious transactions that pass financial firms\' fraud detection systems are not blocked at the PG stage. The Financial Supervisory Service and the Korea Fintech Industry Association launched an online fraudulent payment response consultative body on Tuesday with major PG firms, the Financial Security Institute and experts. The body will share cases, draft standard guidelines by November and link them with supervision.