South Korea\'s parliamentary audit raised concerns that funds are increasingly concentrating in banks while savings banks and mutual finance institutions shrink. Lawmakers also questioned the legal basis and procedures for the financial authorities\' household loan volume controls, calling them de facto mandatory rules. Separate inquiries focused on payment inconveniences for foreign tourists, Apple Pay fees and infrastructure costs, and limits on using iPhone NFC for local simple payment services. Authorities said they would review improvements.

KB Kookmin Bank has launched a service on its KB Star Banking app that lets users make QR payments at merchants in China without installing a local payment app or registering additional personal information. The bank said it introduced an overseas payment service linked to NUCC, marking the first direct connection by a South Korean financial company to China’s national payment network. It also applies a 100 percent exchange rate preference and is running a promotional event through Dec. 21.