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Finance

South Korea tax agency launches special tax probe into Meritz Securities over alleged tax evasion

South Korea\'s National Tax Service has launched an irregular tax audit into Meritz Securities after spotting suspected tax evasion. Investigators from the Seoul Regional Tax Office’s Investigation Bureau 4 visited the firm’s headquarters in Seoul’s Yeongdeungpo district to secure accounting and other materials needed for the probe. The move comes three days after similar audits began at Hana Financial Group and Hana Bank, prompting attention to a possible expansion across the wider financial industry.

Finance

Shinhan Bank expands green energy cooperation with Shinhan Asset Management, Hyosung Heavy Industries

Shinhan Bank will expand cooperation with Shinhan Asset Management and Hyosung Heavy Industries on global renewable energy projects. The bank said it signed a business agreement on May 8 at TP Tower in Seoul’s Yeouido district to strengthen competitiveness in global energy infrastructure. The partners plan to broaden collaboration in overseas energy infrastructure based on experience managing the Shinhan-Hyosung Global Greenway Fund. Shinhan Bank plans to provide project finance arranging, foreign-currency payment guarantees and derivatives.

Finance

Stablecoin race for control spreads, KOSPI nears 7,000

Competition over global payment infrastructure centered on stablecoins is spreading across the financial industry. Hana Financial Group is moving to cooperate on blockchain-based remittances with Dunamu and POSCO International, while Visa is expanding its stablecoin pilot and adding five more blockchains. U.S. banks are calling for stronger in-house blockchain strategies, and Shinhan Card is expanding a Solana-linked proof-of-concept. Markets also remain strong, with the KOSPI holding above 6,600 and repeatedly hitting record highs.