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Finance

Financial sector hacking spreads, delays gain support for digital asset tax postponement

A string of hacking incidents in South Korea’s financial sector has led to confirmed personal data leaks at savings banks and mutual finance groups, prompting authorities to step up inspections and security requirements. Banks are moving to raise cybersecurity spending and expand fraud prevention systems using AI. Market volatility and a steep stock selloff also drew a policy response. Political debate intensified over postponing digital asset taxation and regulating exchange shareholders.

Finance

KB Kookmin Bank launches parking account for B2B payment funds with rates up to 2.2 percent

KB Kookmin Bank has introduced a corporate-only parking account that allows companies to manage payment funds generated in business-to-business transactions for short periods. The KB B2B Preferential Account pays interest even for a one-day deposit. It offers a base rate of 0.1 percent a year and up to 2.1 percentage points in preferential rates, for a maximum of 2.2 percent, applied to average balances of up to 1.5 billion won. It also provides fee waivers under certain conditions.

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.