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Finance

Savings banks raise deposit rates as money moves out, 4 percent products return

South Korean savings banks are raising deposit rates as deposit-like funds move out amid a stock market tilt. The average 1-year term deposit rate at 79 savings banks reached 3.74 percent as of June 26, the highest since November 2024. OK Savings Bank lifted rates to 4.5 percent on some products, while others raised term and demand-account rates toward 3 percent. Banks have also increased deposit rates, narrowing the gap.

AI & Enterprise

LG Uplus launches AI financial secretary with Welcome Savings Bank

LG Uplus has jointly developed and officially launched an AI financial secretary with Welcome Savings Bank, applying generative AI technology for the first time in Korea’s savings bank sector. The service is integrated into the bank’s mobile app, Welcom Digital Bank. It combines the EXAONE large language model from LG AI Research with Welcome Savings Bank data and LG Uplus’ AI agent development and operations expertise.

Finance

Oil and forex risks mount as South Korea steps up internet bank IT controls

South Korea is facing compounded pressure from higher oil prices, a weaker won and rising inflation, with the won-dollar rate nearing 1,540 and oil product prices up about 10 percent from a year earlier. The central bank is expected to hold rates this month, but prolonged price and currency pressures could raise the possibility of a second-half hike. Authorities have tightened household debt controls and pushed market reforms, while the Financial Supervisory Service has urged stronger IT internal controls at internet banks.