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Finance

KakaoBank expands services for foreign residents, from account opening to overseas remittances

KakaoBank is expanding services for foreign residents in South Korea, offering mobile account opening without branch visits, dedicated verification and multilingual support. It introduced a foreigner account, check cards, overseas remittances and multilingual counselling. Customers can submit documents in-app and obtain balance and transaction statements. Fees for transfers and ATM use are waived under the same conditions as domestic customers. KakaoBank plans to add deposits, open banking and loan comparison next year.

Telecommunications & Media

Telecoms industry opposes no-fault compensation for voice phishing losses

South Korea\'s telecommunications industry has pushed back against discussions on extending no-fault compensation for voice phishing losses to telecom carriers. The Korea Telecommunications Operators Association said carriers do not manage financial transactions and are restricted from arbitrarily listening to or checking call and text content. It said telecom networks are a channel for information, while transfers and withdrawals occur within the financial system. It cited overseas examples and said carriers will keep strengthening prevention efforts with the government and finance sector.

Telecommunications & Media

BASF subsidiary trinamiX sues Apple over alleged iPhone Face ID patent infringement

German chemical company BASF\'s subsidiary trinamiX has filed a lawsuit in the United States alleging Apple\'s Face ID facial recognition system infringes its patents. The suit, filed in the U.S. District Court for the Western District of Texas in Midland, covers seven U.S. patents related to technology that distinguishes skin and material properties during facial authentication. trinamiX seeks damages and an injunction, while Apple has not issued an official response.