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Finance

U.S. banks move to define liability for AI errors in financial transactions

U.S. banks, payment companies and technology firms are stepping up discussions on standards to determine liability for financial transactions carried out by AI agents. A central issue is who is responsible when an AI agent makes an error or is defrauded during a transaction: the consumer, the bank or the AI developer. Lead Bank proposed a waterfall framework that assigns liability by cause, while Primitive suggested a protocol to verify AI identity, user approval and transaction traceability.

Finance

Mitos puts financial security to the test as network separation easing begins

Single-stock leveraged ETFs and ETNs tied to Samsung Electronics and SK Hynix sharpened semiconductor concentration in South Korea\'s stock market, with first-day turnover topping 10 trillion won. Regulators warned investors about amplified losses. Financial firms also stepped up responses to AI-driven cyber threats as the emergence of high-performance AI \"Mitos\" raised concerns about more sophisticated hacking, prompting authorities to review easing and possible full removal of network separation rules.

Finance

Debt collection market overhaul aims to curb \'primitive predatory finance\'

South Korea\'s financial authorities have begun overhauling the private debt collection market after President Lee Jae-myung publicly criticised practices in collecting long-overdue debt. The plan would shift the business of buying and collecting non-performing loans to a licensing system, limit eligible operators to firms majority-owned by financial companies and raise minimum capital requirements. Regulators say the current market structure fuels long-term and excessive collection and is difficult to supervise effectively.