Fintech and Big Tech firms are expanding financial services beyond payments and transfers into identity verification, offline payments, venture capital and corporate finance. Toss, Kakao Pay and Naver Pay can use a government network to verify resident registration cards, strengthening non-face-to-face checks and fraud prevention. Naver Pay launched Npay Startup with the Financial Supervisory Service. Kakao Pay Securities secured an investment dealing licence. Financial groups are revamping second-half strategies as household lending rises and regulators review IT controls and network separation rules.

Hana Bank said on Thursday it signed a business agreement with the Korea Technology Finance Corp to support small and medium-sized companies in the semiconductor industry. The two will create agreement guarantees worth 100 billion won for semiconductor-related small firms facing management burdens from prolonged high inflation and high interest rates. Companies using the guarantees will receive support on guarantee fees, with reductions and subsidies over up to three years.