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Finance

Woori Financial supplies 25.3 trillion won in productive finance, hits 116 percent of annual target

Woori Financial Group said it supplied 25.3 trillion won in productive finance through August, reaching 116.3 percent of its annual target. It plans to expand funding and investment focused on regional areas and small and mid-sized enterprises. The group reviewed progress at a Sept. 16 meeting chaired by Chairman Yim Jong-yong. It also reported 2.2 trillion won in inclusive finance through August and plans to expand debt write-offs and apply AI transformation to operations.

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.

Fintech

Woori Bank, Woori Card and National Pension Service to support property management for people with dementia and developmental disabilities

Woori Bank and Woori Card will work with South Korea\'s National Pension Service to support a property management assistance service for users who have difficulty managing their own assets, including older people with dementia and people with developmental disabilities. Woori Bank said on Sept. 10 it signed a business agreement with Woori Card and the National Pension Service at the pension agency\'s Gangnam building in Seoul. Under the agreement, the bank will manage trust funds and offer dedicated products and preferential benefits, while Woori Card will link public trusts with card payments.