Journalist

Kwon Ga-lim
  • Kakao Pay Adds Information Services to Business Scope, Signaling Stablecoin Push
    Kakao Pay Adds 'Information Services' to Business Scope, Signaling Stablecoin Push Kakao Pay is moving to expand its stated business scope in a step widely seen as formalizing plans tied to stablecoins. The move comes as South Korea nears passage of a second phase of digital-asset legislation, and is viewed as early positioning to compete in stablecoin issuance and distribution. According to the financial industry on the 13th, Kakao Pay plans to add “other information services” as a new business purpose at a shareholders meeting scheduled for March 23. The addition is being interpreted as part of building a next-generation digital wallet that can hold, trade and exchange a range of digital assets. A Democratic Party task force and the Financial Services Commission agreed during the second-stage virtual-asset legislative process to diversify stablecoin issuers beyond a bank-centered model, opening a path for fintech companies to take a leading role. Kakao Pay, along with Naver and others, has been cited as one of the companies expected to benefit most from adopting a stablecoin system. If a won-denominated stablecoin is introduced, the company is expected to see demand tied to consumers’ overseas direct purchases and overseas customers buying fandom goods, while also reducing financial costs, the report said. While major banks and card companies are building stablecoin cooperation frameworks, Kakao Pay is preparing at the Kakao Group level. Kakao Pay CEO Shin Won-geun is leading the group’s stablecoin task force and driving coordination among affiliates. KakaoBank is responsible for responding to financial regulation and building account-based trust infrastructure, while Kakao Pay will handle payments and remittances. Kakao Pay has previously pursued a blockchain-based identity verification service, giving it relatively strong familiarity with blockchain technology. Kakao is exploring service expansion based on its platform ecosystem, and is expected to seek synergies across affiliates in areas where stablecoin payments could be applied, including commerce, entertainment, content and mobility. Kakao Pay has steadily added new business lines to strengthen competitiveness in both nonfinancial and financial services. In 2022, it added △personal credit information management △specialized personal credit rating △buy-now-pay-later and lending-related services. In 2023, it added △online brokerage for sales of goods and services, and in 2024 △location information and location-based services. The company reached profitability for the first time last year. Operating profit totaled 42.7 billion won, marking its first operating profit since the company launched in 2017 and ending nine years of operating losses. Net profit also turned positive at 41.0 billion won. Payment-service revenue rose 5.74% from a year earlier to 518.1 billion won. Over the same period, financial-services revenue increased 58% to 387.9 billion won, and platform-services revenue climbed 62% to 52.2 billion won. If stablecoin-related business is added, Kakao Pay’s growth engine is expected to strengthen further. According to the securities industry, Kakao Pay’s operating profit is projected at 128.0 billion won this year, 260.0 billion won in 2027 and 586.3 billion won in 2028. 2026-03-13 16:21:49
  • Woori Bank to Launch Prepaid Card for Foreign Visitors in April
    Woori Bank to Launch Prepaid Card for Foreign Visitors in April Woori Bank said Friday it signed a business partnership agreement, or MOU, with NOL Universe and Kona I to provide financial services built around a prepaid card designed for foreign customers. The partnership aims to improve payment convenience and access to financial services for overseas tourists visiting South Korea. The three companies plan to jointly roll out the prepaid card service, targeting an April launch, and will work on system integration and building the partnership infrastructure. The service will be offered through NOL Universe’s travel, ticket and experience platform, NOL World, in two formats: products bundled with high-demand items such as K-performance tickets and tourism packages, and a standard option that allows customers to purchase the card on its own. Through Kona I Co., which operates domestic card payment infrastructure, the card will support transit payments as well as purchases at online and offline merchants. The companies also plan to offer special benefits at major merchants frequently used by foreign tourists. Woori Bank said it will distribute the prepaid cards at currency exchange counters at Incheon International Airport so visitors can use them immediately upon arrival. It also plans to provide what it called industry-leading exchange-rate discounts for domestic use and to support exchange and top-up services through the bank’s unmanned exchange machines and ATMs. “As demand from foreign tourists continues to rise, we have prepared a differentiated ‘Tourist Finance’ service that can be used conveniently anytime and anywhere,” said Kim Go-woon, deputy head of Woori Bank’s foreign exchange business division. “We will continue to expand financial services for global customers based on this partnership.”* This article has been translated by AI. 2026-03-13 11:04:46
  • KB Financial Holds Group Information Security Council to Strengthen AI Security
    KB Financial Holds Group Information Security Council to Strengthen AI Security KB Financial Group said Friday it held its first-quarter Group Information Security Council meeting to help build a safer financial environment. Information security executives from the holding company and 11 affiliates attended, along with Choi Seok-mun, a vice president who serves as the holding company’s compliance officer. Under the group’s information security operating guidelines, the council functions as a control tower for setting strategy, making decisions on key issues and 추진ing joint projects. Participants discussed major security tasks for responding to the digital environment, including plans to establish a mid- to long-term group information security master plan, measures to advance the cyber security center’s operating performance and organizational structure, and the creation of a groupwide integrated security monitoring system. The compliance officer also attended the session, where participants reviewed the annual business plan and strategies for responding to key regulations. Topics included compliance measures aligned with the enactment of the Digital Finance Safety Act and the implementation of the Framework Act on Artificial Intelligence. KB Financial said it will also prepare groupwide guidelines to address emerging threats such as data leaks and model bias. KB Financial said a key feature of its information security organization is that it operates under the holding company’s compliance officer, aiming to balance strict controls with technology and strengthen responsibility for protecting customer information. “While advances in AI technology are making financial services more convenient, the underlying security system must also become more sophisticated,” a KB Financial official said. The official said the group will seek “synergy” between compliance and security technology to provide customers with a safe financial environment that can withstand threats. * This article has been translated by AI. 2026-03-13 09:21:00
  • KB Kookmin Bank Commits 500 Billion Won to Growth Infrastructure Fund for Advanced Industries
    KB Kookmin Bank Commits 500 Billion Won to Growth Infrastructure Fund for Advanced Industries KB Kookmin Bank said Thursday it has committed 500 billion won to the KB Kookmin Growth Infrastructure Fund to help build infrastructure for advanced strategic industries. The fund is a 1 trillion won blind pool. KB Asset Management will set up and manage it, and it will be financed entirely with funds from KB Financial Group, including KB Kookmin Bank, KB Insurance and KB Life. The fund will adopt what the bank described as the industry’s first “perpetual closed-end infrastructure fund” structure, aimed at reducing profit-and-loss volatility that can arise in managing large funds. The bank said the structure provides a stable operating base despite the fund’s size in Korea’s infrastructure finance market. The KB Kookmin Growth Infrastructure Fund plans to invest in domestic digital infrastructure, energy infrastructure, the renewable energy transition, and social overhead capital projects tied to balanced regional development. A key project under review is the “Yongin Semiconductor Cluster district energy project.” The bank said it will continue to identify mega infrastructure projects that can raise South Korea’s growth potential. KB Kookmin Bank has been expanding financial support for large infrastructure projects, including arranging financing for the “Sinan Ui offshore wind power project,” selected as the first investment for the Kookmin Growth Fund, and committing capital to the KB Kookmin Growth Infrastructure Fund. The bank said it aims to contribute to meeting the Kookmin Growth Fund’s 10 trillion won supply target under KB Financial Group’s plan to provide 93 trillion won in productive financing by 2030. A KB Kookmin Bank official said the fund is intended to strengthen South Korea’s future growth foundation by expanding investment in advanced strategic industries and core national infrastructure. The official said the bank will continue to support sustainable economic growth and stronger industrial competitiveness through productive financing.* This article has been translated by AI. 2026-03-12 09:15:00
  • IBK Industrial Bank of Korea Launches Task Force to Boost KOSDAQ Research and IR Support
    IBK Industrial Bank of Korea Launches Task Force to Boost KOSDAQ Research and IR Support IBK Industrial Bank of Korea said Tuesday it has formed an "IBK KOSDAQ Activation Task Force" to reduce information gaps in the KOSDAQ market and support growth for small and venture companies. The task force will target KOSDAQ-listed companies and firms preparing initial public offerings, aiming to improve investors' access to information and broaden companies' funding options. IBK plans to hold two joint investor relations events with the IBK Financial Group in May and December for KOSDAQ-listed companies to expand communication between companies and investors. It will also survey difficulties such as attracting investment and promoting companies among about 1,600 KOSDAQ-listed firms that do business with the bank, and publish a policy report on steps to revitalize the market. IBK Investment & Securities, which recently opened a KOSDAQ research center, will work with the bank to expand its analysis reports on KOSDAQ-listed companies to 350 by the end of this year. The bank said the planned coverage would be among the largest by a domestic securities firm and is intended to help close information gaps in the KOSDAQ market, where investor information is relatively limited. IBK CEO Jang Min-young said the bank will "ease the shortage of investment information in the KOSDAQ market" and strengthen links between companies and investors to build a healthy investment ecosystem centered on small and venture companies. He added that, as a policy finance institution, IBK will continue providing support to help invigorate the KOSDAQ market. 2026-03-11 14:45:00
  • Hana Bank, Jeju Province Sign Deal to Attract and Support Relocating Companies
    Hana Bank, Jeju Province Sign Deal to Attract and Support Relocating Companies Hana Bank said Wednesday it signed a memorandum of understanding with Jeju Special Self-Governing Province to build a public-private base for attracting companies to the island. The agreement is aimed at helping companies that want to relocate to Jeju settle in and at boosting investment by using the bank’s financial infrastructure. The two sides said they will work together to identify strong companies, share information and strengthen regional economic competitiveness. Hana Bank said it will provide relocating companies with temporary office space, business consultations and investor briefings, and venues for workshops and seminars, free of charge. It also plans to offer company-tailored financial services and connect firms with nonfinancial support such as management, tax and investment services, along with information on policy funds, investment funds and subsidies. Jeju Province said it will pursue efforts to find and support companies moving to Jeju, run joint business consulting, link customized financial and nonfinancial services, and cooperate on networks to promote corporate attraction and investment. Hana Bank CEO Lee Ho-seong called the agreement “a first step toward our shared goal of strengthening Jeju’s economic self-reliance.” He said the bank will work with the province to identify and nurture promising companies seeking to move to Jeju and serve as a “reliable financial partner” to help them become a new growth engine for the local economy. * This article has been translated by AI. 2026-03-11 10:06:00
  • Banks Vie for Seoul’s 55 Trillion Won Treasury Account as Shinhan Defends Lead
    Banks Vie for Seoul’s 55 Trillion Won Treasury Account as Shinhan Defends Lead Seoul’s selection of a bank to manage its treasury — a pool of funds totaling 55.2493 trillion won a year — is expected to trigger intensified competition among major commercial banks. According to the financial sector on Monday, the Seoul Metropolitan Government plans to post a bid notice for the city treasury as early as next month. With the review process expected to take about a week, the final operator is likely to be chosen within April. Seoul’s total budget this year (general account plus other special accounts) is 49.3579 trillion won, and its funds total 3.7715 trillion won, bringing the annual amount managed to 55.2493 trillion won — the largest among local governments nationwide. Shinhan Bank currently manages both Seoul’s primary and secondary treasury accounts. Woori Bank handled the Seoul treasury exclusively for 104 years, from the days of the Gyeongseong-bu treasury in 1915 through 2018, before losing the role to Shinhan. The designated bank can secure large volumes of low-cost deposits and related business opportunities, drawing interest from Shinhan, Woori and KB Kookmin Bank. Shinhan is expected to fight to retain the mandate, even if it requires offering a higher contribution, after making substantial investments during its eight years running the city treasury. The bank has promoted initiatives for Seoul residents, starting with support for small merchants through the “Ttaenggyeoyo” Seoul Delivery Plus program, and continuing with the opening of the Donghaeng Store “Jeongdam,” support for alleyway shopping-district merchant groups, and backing for the Seoul Plaza ice rink. Woori, long considered strong in institutional banking, is also expected to push hard to regain the Seoul treasury role. The bank is likely to argue it can create synergies because it holds 56% of district-level treasury accounts across Seoul’s 25 districts. KB Kookmin is seen as a potential dark horse. In Seoul’s evaluation criteria, citizen convenience — including branches and automated teller machines — accounts for 18 points out of 100. By number of branches in Seoul, KB Kookmin leads with 291, ahead of Woori’s 265 and Shinhan’s 250. Shinhan, however, has the most ATMs, with 1,552, topping KB Kookmin’s 1,439. With the weighting for deposit interest rates increased this year, KB Kookmin is also expected to be able to offer the highest rates, backed by its capital strength. Separately, a close contest is also expected in July for Incheon’s treasury mandate, which totals about 15 trillion won. Shinhan manages Incheon’s primary treasury account and NH NongHyup Bank manages the secondary account. Hana Bank, which is moving its holding company headquarters to Cheongna, is also expected to enter the race. The bank has built a record of community initiatives, including support for foreign residents, backing for Inha University Hospital and Asan Cheongna Hospital, and care programs for vulnerable groups. By number of branches in Incheon, Shinhan leads with 49, followed by KB Kookmin with 45, NongHyup with 39, Woori with 35 and Hana with 31. 2026-03-09 15:30:21
  • Shinhan Financial to Develop Corporate Growth-Focused Credit Rating System
    Shinhan Financial to Develop Corporate Growth-Focused Credit Rating System Shinhan Financial Group said Monday it will push ahead with a project to develop a “corporate growth credit rating system” as it seeks to expand support for corporate finance. The group said existing corporate credit rating methods in the financial sector are largely built around stability assessments based on past performance, such as financial results, making it difficult to fully reflect the future growth potential of technology-based companies and firms in emerging industries. Shinhan said the new system will go beyond finance-centered evaluations by incorporating forward-looking competitiveness factors, including a company’s technology capabilities, business model and industry outlook. Unlike conventional approaches that focus mainly on the likelihood of default, the system will apply criteria that consider growth stage and industry characteristics for companies with high growth potential, including venture, advanced-technology and innovative firms. In addition to existing finance and transaction data, Shinhan said it will use information on a company’s growth stage along with traditional financial data and alternative data to comprehensively analyze business viability, market growth potential and technological competitiveness. A Shinhan Financial official said the project will create “a new corporate evaluation framework” to more precisely assess companies with strong technology and growth potential, adding that the group will expand “productive finance” to support innovative companies and national strategic industries based on insight into industrial and future changes.* This article has been translated by AI. 2026-03-09 13:42:00
  • KB Financial Chairman Yang Jong-hee Urges New Women Managers to Prioritize Communication in AI Era
    KB Financial Chairman Yang Jong-hee Urges New Women Managers to Prioritize Communication in AI Era Yang Jong-hee, chairman of KB Financial Group, told newly appointed women branch managers that communication and empathy matter even more in the age of artificial intelligence, calling for inclusive leadership. KB Financial said Sunday that Yang attended a group conference on March 6 for newly appointed women branch managers. He said women leaders should take pride in being recognized for ability and performance, not gender, and stressed that finance is shifting beyond product sales to a role that supports a customer’s entire life. About 100 people, including Yang and the new managers, attended. The program included a “Talk with Seniors” session in which senior women executives answered questions and shared advice, followed by a “Talk with the Group CEO” session where Yang spoke directly with the new managers and heard feedback from the field. The event was held ahead of International Women’s Day. KB Financial said it is working to build a culture where women can develop their potential under its diversity strategy, “KB Diversity 2027.” A KB Financial official said the group is expanding its pipeline of women leaders and practicing diversity and inclusion across the organization, adding it will continue to support women’s growth and promote gender equality so employees from varied backgrounds can develop together. 2026-03-08 10:18:00
  • Shinhan Bank Hires Big Tech AI Talent to Speed Digital Transformation
    Shinhan Bank Hires Big Tech AI Talent to Speed Digital Transformation Shinhan Bank is expanding recruitment of outside talent in artificial intelligence and digital transformation, known internally as AX, as it seeks to strengthen its AI capabilities. The bank has been bringing in engineers and executives with backgrounds at major technology companies including Samsung Electronics and SK. On March 5, the financial industry said Shinhan Bank this month appointed Choi Cheol as head of its AX Digital division. Choi previously led the SK AIX Convergence Group and the SK C&C Convergence Group. Shinhan Bank is said to have valued his expertise in areas including blockchain-based Web3, AI and the Internet of Things. The AX Innovation Unit where Choi works was created in the second half of last year and sits under the AX Innovation Group. Choi is expected to help lead companywide digital transformation strategy with AX Innovation Group head Choi Hyeok-jae. Choi is not the only outside hire as the bank moves away from a tradition of promoting from within. Last year, Shin Young-pil, who previously worked at Samsung Electronics and NCSoft, was named head of the Tech Innovation Unit. In 2024, Lee Guk-hee, with experience at Amazon, Microsoft and KT Cloud, was hired as head of the Tech Innovation Team. Other Samsung Electronics alumni who have joined include Jin Young-gyu, head of the Customer Experience Innovation Center; Jeon Seong-ik, head of the Customer Platform division; and Kim Jun-hwan, a team leader at Shinhan Financial. The hiring push is focused on strengthening competitiveness in the AX area as AI competition intensifies and banks race to secure capabilities in a fast-changing digital environment. Shinhan Financial has said it aims to deliver hyper-personalized financial services through AI. In his New Year’s address, Chairman Jin said the industry is at a major turning point as technologies such as digital assets, Web3 wallets and agent AI expand, and he called for faster adoption of AI. The group is actively introducing AI agents in customer management, wealth management, internal controls and credit screening. Departments are also developing their own AI agents for task-specific use, and the bank is testing what it calls the country’s first AI unmanned branch, the “Shinhan AI Branch.” Monthly active users of its financial platform rose from 21.3 million in 2023 to 24.67 million in the third quarter of last year, reflecting growth in non-face-to-face usage. Industry officials say the bank has limits in building enough in-house specialists who can also meet regulatory requirements such as internal controls, prompting it to look outside. As digital transformation accelerates, banks are increasingly competing to recruit technology talent from big tech, analysts say. A financial industry official said, “Beyond existing technology, there are still many areas we must pay closer attention to, including anti-money laundering (AML),” adding, “Digital assets are seen as a test case for judging the success or failure of financial companies’ recruitment of outside digital talent.” 2026-03-05 15:51:00