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Finance

Finance network separation rules eased, fueling 140 trillion won fintech investment

South Korea\'s financial authorities expanded the scope of eased network separation rules for AI use to secondary financial institutions and electronic financial business operators. The number of firms to be selected rises to as many as 15, and eligibility thresholds are lowered. Selected institutions can use external AI and security SaaS after putting alternative controls in place. Industry expectations are mixed, with some firms cautious. Global fintech investment rose to $103.1 billion in the first half, with focus expected to shift to AI and financial infrastructure.

Finance

IBK Industrial Bank of Korea reselected as Suwon city treasury bank, worth 3.9 trillion won a year

IBK Industrial Bank of Korea has been reselected as the operator of Suwon Special City’s treasury. The bank said it signed an agreement with the city on Sept. 3 at Suwon City Hall. Under the mandate, IBK will run the city treasury from 2027 through 2030, managing about 3.9 trillion won annually. It will handle general and special accounts and funds, including collecting revenue and making payments.

Finance

Policy finance unit subsidiaries to be consolidated; relocation of financial public institutions remains variable

South Korea plans to consolidate facility and customer management subsidiaries scattered across policy finance institutions into function-based entities, under a broader push to reform public-sector functions. Five facility management firms will be merged into a tentatively named Policy Finance FMC, while two customer management firms will be integrated as Policy Finance CS. The government also plans mergers of certain subsidiaries into parent institutions. Separately, it will review criteria for keeping public bodies in the capital region as it prepares a second relocation plan to be finalised in the fourth quarter.