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Finance

Korea Fintech Industry Association, FSS check payment risks and internal controls at electronic financial firms

The Korea Fintech Industry Association and South Korea\'s Financial Supervisory Service held a seminar in Seoul to review internal control duties for electronic financial firms, including oversight of sub-payment gateway operators, financial soundness and reporting of transaction terms. The FSS outlined revised supervisory rules covering merchant fee disclosures and new evaluation duties for sub-PGs. Speakers also covered payment risk management, business guidance standards and procedures for drafting and reporting electronic financial transaction terms.

Finance

PG firms team up to block fraudulent payments, rate hike fallout in focus

South Korea\'s fintech sector is expanding payment infrastructure while strengthening security and user protection. The Financial Supervisory Service and the Korea Fintech Industry Association launched a consultative body with major payment gateway firms to curb suspicious transactions. The Bank of Korea raised its policy rate to 2.75 percent, the first hike in 3.5 years, prompting tighter household lending management. Authorities also plan higher deposits and trading units for single-stock leveraged ETFs.