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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.

AI & Enterprise

Woori Bank holds AI competition to seek ideas to prevent financial fraud

Woori Bank held the finals of an AI-financial consumer protection idea contest with trainees from Samsung Youth SW and AI Academy (SSAFY) at its headquarters on June 5. The contest aimed to find practical ideas using AI to address consumer protection issues, reduce financial access problems for vulnerable groups and prevent increasingly sophisticated new types of financial fraud. A total of 116 teams entered, with 7 reaching the finals.

Finance

IBK Industrial Bank of Korea adopts AI system to detect misselling of investment products

IBK Industrial Bank of Korea is introducing an AI-based system to check for potential misselling risks that may arise after investment products are sold. The bank aims to raise the level of financial consumer protection by automating its post-sale management process, which had relied mainly on manual work. The system analyses post-sale product data, customers\' investment experience and abnormal transaction patterns to automatically identify potential risk factors.