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Finance

Big tech financial platforms tighten internal controls; banks compete for young customers

Internal controls for fintech financial platforms are being tightened as concerns grow that system failures in payments, transfers and top-ups could quickly harm consumers and erode trust. Financial authorities have urged big tech e-finance operators to build IT stability and internal control systems comparable to traditional financial firms, while also revising support tools such as the financial regulatory sandbox. Banks are also stepping up competition for young customers as a youth savings product draws strong early demand.

Finance

Big tech financial platforms face heavier IT oversight as regulators stress accident prevention

South Korea\'s financial watchdog is demanding stronger IT stability and internal controls from big tech-linked electronic financial service providers as they become part of everyday financial infrastructure. The move follows a string of system outages this year, including disruptions to payments, top-ups and remittances, online and offline payment failures and duplicate debits on automatic transfers. The regulator urged isolation systems to stop failures spreading across services and said it would conduct on-site inspections and take strict action over major incidents.

Finance

Toss Payments launches direct-integration payment solution for Shopify

Toss Payments, an electronic payment gateway unit of Viva Republica, is launching a direct-integration payment solution in partnership with global commerce platform Shopify. Toss Payments said on June 24 that the partnership will allow users to access its payment solution within Shopify. Shopify-based online store operators can connect to the system through contract and setup procedures without separate technical development. Merchants can install an app in Shopify’s admin screen and activate payment methods.