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Finance

Big Tech expands territory beyond payments into financial infrastructure

Fintech and Big Tech firms are expanding financial services beyond payments and transfers into identity verification, offline payments, venture capital and corporate finance. Toss, Kakao Pay and Naver Pay can use a government network to verify resident registration cards, strengthening non-face-to-face checks and fraud prevention. Naver Pay launched Npay Startup with the Financial Supervisory Service. Kakao Pay Securities secured an investment dealing licence. Financial groups are revamping second-half strategies as household lending rises and regulators review IT controls and network separation rules.

Finance

FSS special investigators refer 7 suspects in front-running scheme using stock highlight articles

South Korea\'s Financial Supervisory Service special judicial police said it uncovered two cases of illegal trading using stock highlight articles and referred seven suspects to prosecutors for alleged capital markets law violations. The suspects are accused of buying shares before articles were published and selling shortly after publication to make illicit gains. Two suspects, including a certified public accountant alleged to have led a stock manipulation ring and a working reporter, were arrested on June 9.

Finance

National Participation Growth Fund sells out as financial sector steps up payment ecosystem expansion

South Korea\'s National Participation Growth Fund effectively sold out on its first day of sales, with more than 87 percent of supply taken up and some online allotments closing in 10 minutes. Financial authorities are reviewing options to bring forward next year\'s supply or add more, with additional sales in the second half also discussed. Markets also saw spillover effects, while financial institutions and fintech firms moved to expand payment ecosystems and data-driven services.