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Finance

ELS fines cut to 600 billion won after local elections, financial policy in focus

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.

People & Appointments

Shinhan Bank launches third cohort of university digital finance education assistants

Shinhan Bank is working with university students to improve older people’s access to digital financial services. The bank said it held a launch ceremony on Monday for the third cohort of its Digital Financial Education Assistants at its Shinhan Hakijae Incheon education centre. Fourteen Incheon National University students were selected. They will provide training on unmanned branches and mobile finance apps, fraud prevention, community AI and digital education, and produce tailored AI and digital finance content for seniors.

Finance

KakaoBank teams up with Seoul to expand financial education for youth

KakaoBank will work with the Seoul city government to expand financial education for teenagers, linking basic everyday finance lessons with training to prevent financial fraud and a finance idea contest. Seoul will run an economy and finance academy from May to September for about 360 youths at 21 municipal youth centers. Additional programs from July will target vulnerable youths, including anti-scam education and one-on-one financial mentoring.