With the June 3 local elections over, attention in South Korea’s financial sector is shifting back to financial authorities and the National Assembly. Issues that lost traction during the campaign, including governance reform at financial holding firms, digital asset regulation, loan rules for non-resident single-homeowners and a compensation liability system for voice phishing, may return to the agenda in the second half. Regulators have also adjusted ELS sanctions and stepped up work on consumer protection and AI security threats.

Viva Republica, operator of the Toss app, has launched a service that lets users check and reclaim dormant deposits scattered across multiple financial institutions in one place. Toss said on June 5 it rolled out the service with the Korea Inclusive Finance Agency. Users can apply remotely without submitting documents or visiting institutions, and approved amounts are paid immediately as Toss Pay Money. The service covers dormant deposits of 500,000 won or less.