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Finance

Shinhan Bank retains Incheon city treasury mandate worth about 17 trillion won

Shinhan Bank won the mandate to remain Incheon’s primary treasury bank in a market worth about 17 trillion won, fending off a challenge from Hana Bank. Incheon said it selected Shinhan as the designated institution for the primary treasury role for 2027-2030, while NH NongHyup Bank was chosen as the secondary treasury bank. The primary treasury manages general accounts, special public enterprise accounts and funds.

Finance

Hana Bank to expand financial support in Incheon, launch 200 billion won unicorn fund

Hana Bank will expand financial support for young people, low-income groups and small merchants in the Incheon area and increase funding to foster future strategic industries and startups. The bank said it signed three agreements with Incheon on Aug. 14, including a co-growth pact, support for ABC+E sectors and an investment accord for an Incheon Unicorn Fund. The fund will be set up at 200 billion won to invest in local startups and growth firms.

Finance

Big Tech expands territory beyond payments into financial infrastructure

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.