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Games & Commerce

Naver to invest additional 130 billion won in resale platform Kream

Naver will invest 130 billion won in a paid-in capital increase by affiliate Kream, it said in a regulatory filing. Naver approved the investment at a board meeting on Aug. 4 and plans to acquire 36,861 common shares, with the timing set for the second half of this year. The company said the purpose is to secure funds to expand Kream’s business scale. The total amount invested in Kream will be 179.999 billion won including this investment.

Fintech

KB Kookmin Bank nominates AI expert Professor Jung Yoon-kyung as outside director

KB Kookmin Bank nominated Jung Yoon-kyung (정윤경), a professor at Sungkyunkwan University, as a new outside director candidate to strengthen expertise in artificial intelligence and digital fields. The nomination follows the resignation of former outside director Moon Soo-bok. The bank said its outside director nomination committee selected Jung after multiple meetings and screening procedures. Jung is expected to be formally appointed after approval at an extraordinary shareholders meeting on July 23.

Finance

PG firms team up to block fraudulent payments, rate hike fallout in focus

South Korea\'s fintech sector is expanding payment infrastructure while strengthening security and user protection. The Financial Supervisory Service and the Korea Fintech Industry Association launched a consultative body with major payment gateway firms to curb suspicious transactions. The Bank of Korea raised its policy rate to 2.75 percent, the first hike in 3.5 years, prompting tighter household lending management. Authorities also plan higher deposits and trading units for single-stock leveraged ETFs.