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Finance

Simple payments expand acceptance as night stock trading ramps up

South Korea\'s simple payment companies are expanding where their services can be used by linking existing networks and supplying payment infrastructure to new sectors. Banks and internet-only lenders are also widening mobile lending and alternative credit offerings. Regulators and the government are moving on youth savings, transport fare support and payment security checks. After-hours trading has extended KOSPI and KOSDAQ hours to 8 p.m., while debate continues over digital asset taxation and related infrastructure.

Finance

Coocon links KakaoPay with Seoul Pay, enabling QR payments at 270,000 merchants

Coocon has linked KakaoPay with Seoul Pay to support QR payments using KakaoPay Money at Seoul Pay merchants, expanding the scope of its integration with the Seoul Pay payment network. Coocon said on Sept. 15 it completed the QR payment linkage between KakaoPay and Seoul Pay and started the service. KakaoPay users can now use QR payments at about 270,000 Seoul Pay merchants, while merchants can add KakaoPay using existing QR infrastructure without building separate systems.

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.