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Finance

Financial innovation and bespoke finance accelerate amid Middle East risk

Geopolitical risk from the Middle East is shaking monetary and financial policy, with the Bank of Korea holding its policy rate at 2.50 percent for a seventh straight meeting. Governor Rhee Chang-yong warned stagflation cannot be ruled out depending on developments. Financial authorities are expanding support by 26.8 trillion won and boosting contributions and small loans for vulnerable groups. Banks are testing new credit-scoring models for small merchants and firms are widening AI- and platform-based services.

Finance

KakaoPay introduces AI spending report, upgrades benefits recommendations

KakaoPay said on Tuesday it has introduced a personalised spending report feature to its generative AI service PayAi. The company said the update expands the service from recommending the most advantageous payment method before a purchase to analysing spending patterns after payment. The new report analyses MyData-based transaction history on a weekly and monthly basis and provides tailored feedback, including calculations of benefits that could be saved.