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Investment firms on edge ahead of parliament audit as leverage losses, finance hacking loom

South Korea\'s financial investment industry is bracing for a parliamentary audit that is expected to focus on investor protection and information security. Lawmakers are set to question regulators over the rollout and supervision of single-stock leveraged and inverse exchange-traded products after disclosures of retail losses. The expanding hacking incidents across financial institutions have also put securities firms\' security and internal control systems under scrutiny, alongside calls for tougher preventive inspections.

Finance

Hacking emergency spreads from banks to savings banks and capital firms in South Korea finance sector

Hacking attacks that targeted South Korea’s five biggest banks are spreading to secondary financial firms including savings banks and capital companies. Customer data leaks were confirmed at Shinhan, KB Kookmin and Hana, while leaks were also reported at Yegaram Savings Bank and Hyundai Capital. Woori Bank and NH Nonghyup Bank were attacked but no data leak has been confirmed. Regulators are bringing forward inspections and calling an emergency meeting of finance industry heads and affected CEOs.

Finance

Naver Pay links KakaoBank sole proprietor loans, enabling comparisons across three online banks

Naver Pay has added KakaoBank’s sole proprietor credit loan products to its Npay Loan Comparison service, enabling users to compare sole proprietor loans from KakaoBank, K Bank and Toss Bank at once. Naver Pay said the newly linked KakaoBank loan has a minimum annual rate of 3.426 percent as of Sept. 17 and a maximum limit of 300 million won. It also plans to expand use of its Npay Score alternative credit model.