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Finance

Toss online investment-linked financing push faces scrutiny over conflict of interest

Concerns mounted at a parliamentary audit over fintech platform Toss\' plan to enter online investment-linked finance, with lawmakers warning of potential conflicts of interest and market distortion. They said a large financial platform could affect a market developed by smaller fintech firms, especially if Toss supplies loan products while running a loan comparison platform. Lawmakers urged regulators to review rules and governance issues. The Financial Services Commission chairman said he would revisit the concerns.

Finance

Financial sector hacking spreads as police open investigation after 28 attack IPs identified

Signs of hacking targeting the financial sector have spread beyond banks and secondary financial firms to internet banks and the insurance and securities industries. South Korea\'s Financial Supervisory Service identified 33 IP addresses linked to hacking attempts, or 28 excluding duplicates, and asked financial firms to block them and conduct self-checks. Police formed a dedicated team and opened a formal investigation. The government called for swift clarification of the circumstances and measures to minimise damage.

Finance

Digital asset institutionalisation picks up pace as big platforms clash over entry into online lending industry

Cooperation between traditional financial firms and crypto-asset operators is expanding, with moves by Kakao Group, brokerages and exchanges. In the United States, the OCC gave preliminary approval to two digital banks pursuing crypto custody and stablecoin business. In South Korea, the Democratic Party plans to draw up a Digital Asset Basic Act this year. Competition is also shifting across platform finance, raising questions about entry rules, conflicts of interest, consumer choice and security.