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Finance

Banking gaps in fund management, reverse mortgage processing spark calls for reform

South Korea’s National Assembly steering committee raised issues during an audit over how public institutions place deposits with regional banks, differences among banks in the time needed to disburse reverse mortgage loans, and funding constraints for long-term fixed-rate mortgages. Lawmakers urged changes to criteria for selecting transaction banks to support regional finance, steps to shorten reverse mortgage payment procedures, and reforms to help banks secure long-term funding, including measures to invigorate the covered bond market.

Finance

KakaoBank debit card cumulative payments top 154.9 trillion won as it expands payment services

KakaoBank said cumulative payments made with its debit cards have exceeded 154.9 trillion won since the cards were launched in July 2017 through the first half of this year. The company plans to broaden usage areas and expand payments into a core financial service. It also plans to launch new debit cards, including foreign-currency account-linked and foreign-resident-only cards, and will review applying new payment technologies such as stablecoins and CBDCs.

Finance

KB Kookmin Bank introduces electronic braille service to internet banking

KB Kookmin Bank has introduced an electronic braille service on its internet banking platform to improve access for visually impaired customers. The service converts financial information shown on internet banking screens into electronic braille, allowing users to check numbers and charts using braille devices or braille printers. It applies to major transaction pages such as account inquiries and transfer result checks, as well as screens for issuing various certificates.