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Finance

Audit 2026: Financial holding companies face \'shadow executive\' row; bank rate and security weaknesses also flagged

At a comprehensive parliamentary audit of the financial sector, lawmakers raised issues spanning governance, loan rate-setting, security and consumer protection. They flagged practices in which retired executives stay on as advisers, and concerns over former Financial Supervisory Service officials taking jobs in financial holding companies. Some banks were criticised for raising add-on rates and cutting preferential rates. Low compensation under a voice phishing scheme and vulnerabilities in bank security software were also questioned, along with a lack of long-term fixed-rate mortgages.

AI & Enterprise

Race to foster AI data centres; industry calls for deregulation and tax credits

Industry figures called for developing AI data centres as \"AI factories\" that produce computing resources, citing job creation and regional balanced development. At a forum hosted by the Korea Telecommunications Operators Association in Seoul, an SK Telecom executive urged attracting big tech AI computing demand and building domestic production hubs, while calling for deregulation and tax credits. Speakers also outlined planned sub-regulations for a special AI data centre law, including power-capacity criteria, streamlined permits and special zones outside the capital region.

Telecommunications & Media

KT management and union reach pay deal with 3 percent base pay rise and 3 million won lump sum

KT management and its unions have reached a wage and collective bargaining deal after union members approved a tentative agreement. The package includes an average 3 percent rise in base pay and a 3 million won lump-sum payment, with retroactive application from Jan. 1 and payment due on Oct. 23. The deal also changes personnel evaluation grade shares and expands welfare support, including monthly pension-savings contributions and higher medical expense limits.