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Finance

Digital asset cross-industry ties spread as top 4 financial groups post 11 trillion won profit era

Big Tech, financial firms and payment companies in South Korea are widening digital-asset initiatives by teaming up with global blockchain companies. Kakao Group and Toss and Toss Bank are working with Circle to review stablecoin-based payment and settlement infrastructure and tokenised financial services. Banks are developing cross-border remittance and payment models. Separately, the top four financial holding groups posted combined first-half net profit above 11 trillion won, while regulators step up group-level oversight of fintech expansion.

Games & Commerce

Naver-Dunamu merger hurdle eases as committee recommends amending enforcement decree

South Korea\'s Presidential Regulatory Reform Committee\'s growth subcommittee reviewed an enforcement decree revision to the Act on Reporting and Using Specified Financial Transaction Information on July 24 and recommended that the Financial Services Commission add an exception to fit-and-proper screening rules for major shareholders of virtual asset service providers. The recommendation could ease regulatory burdens raised during Naver\'s bid to acquire Dunamu. The revised law is set to take effect on Aug. 20.

AI & Enterprise

IBM CEO says only 2 percent of software will be replaced by AI, seeks to calm market after weak results

IBM played down market concerns that generative AI will threaten its software business, saying only about 2 percent of its software could be replaced by AI and most products support customers’ AI use. CEO Arvind Krishna said IBM’s software enables real-time data use and lowers data-management costs. IBM shares are down about 30 percent this year. The company cited a mainframe slowdown and lowered its software growth outlook to 6 to 8 percent.