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Finance

Big Tech expands territory beyond payments into financial infrastructure

Fintech and Big Tech firms are expanding financial services beyond payments and transfers into identity verification, offline payments, venture capital and corporate finance. Toss, Kakao Pay and Naver Pay can use a government network to verify resident registration cards, strengthening non-face-to-face checks and fraud prevention. Naver Pay launched Npay Startup with the Financial Supervisory Service. Kakao Pay Securities secured an investment dealing licence. Financial groups are revamping second-half strategies as household lending rises and regulators review IT controls and network separation rules.

Finance

Post offices and internet banks to step up joint loans to fill regional finance gaps

Post offices and internet banks in South Korea are moving to fill gaps left by shrinking bank branches, expanding access to loans for older people and local small merchants through nearby counters and mobile apps. The Financial Services Commission announced measures including a post office bank agency pilot, joint loans between regional banks and internet banks, and local government-linked mutual aid insurance. The plan also includes preferential loan terms and support to launch joint-loan products by 2027.

Finance

Financial sector \'digital risks\' rise, putting IT controls to the test

As financial companies expand use of AI, South Korean regulators are sharpening oversight of security and internal controls. The Financial Services Commission plans to exempt sanctions for minor system disruptions during AI security tests or emergency patches if conditions are met, while requiring swift recovery and consumer protection. The Financial Supervisory Service will intensively inspect IT basic controls in the second half and urged banks to build AI internal-control systems. A Woori Bank data leak and broader market and industry moves have also highlighted digital risks.