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Finance

Travel Wallet faces capital task ahead of 2027 Kosdaq IPO

Travel Wallet, which is seeking a Kosdaq listing in 2027, must further bolster equity as its prepaid balances have risen rapidly. South Korea\'s financial authorities required the company to increase capital and improve profitability through changes to its business structure. Travel Wallet said it can meet the management improvement standards within the deadline and that there is no change to its existing IPO schedule. The company has not disclosed its current equity or the amount of capital it needs to raise.

Fintech

Financial regulators to tighten protection of PG settlement funds, cancel licenses or registrations after repeated suspensions

South Korea\'s financial authorities will strengthen protection for settlement funds held by payment gateway (PG) firms and tighten soundness rules to prevent a repeat of the TMON and WeMakePrice non-settlement incident. PG firms will be required to have settlement funds managed externally through bank deposits, trusts or payment guarantee insurance, with the external management ratio rising to 100 percent from the third year. Capital requirements and disclosure rules for large operators will be raised, and repeated business suspensions within five years could lead to license or registration cancellation.

Games & Commerce

Jeong Woo-jin of NHN set for fourth term after record annual operating profit

NHN will submit an agenda item at its March 26 annual general meeting to reappoint CEO Jeong Woo-jin as an inside director. Jeong has led NHN for 12 years since taking office in 2014. The company posted its highest annual operating results since a split, with revenue rising 2.5 percent to 2.5163 trillion won and operating profit returning to 132.4 billion won. NHN is also preparing six new game launches.