Several U.S. public pension funds have suffered heavy losses after investing in Strategy led by Michael Saylor, the report said. The pension funds were estimated to have lost about $337 million after joining Strategy’s high-risk strategy focused on bitcoin. Of 11 funds, 10 lost nearly 60 percent of their investment. Strategy shares fell 67 percent, in line with a sharp drop in bitcoin prices in recent months.

Shinhan Bank on Monday launched the Shinhan SOLMate time deposit for customers aged 50 and over, offering an interest rate of up to 3.1 percent a year. The 12-month product allows deposits from 500,000 won to 300 million won per person. The base rate is 2.9 percent, with up to 0.2 percentage points in preferential rates for meeting pension-related conditions. The bank is also running a prize event for customers depositing 50 million won or more.