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Articles by Kim Jiyoon
Investors Seek Alternatives as Stock Market Declines
Investors are facing uncertainty as the stock market experiences a downturn after a prolonged period of soaring prices. Many are hesitant to return to banks, despite recent increases in interest rates for savings accounts and time deposits. However, many of these products come with stringent conditions to qualify for high preferential rates.
Term Life Insurance Gains Popularity Amid Concerns Over Whole Life Policies
If I suddenly pass away, what will happen to my family? Those raising young children or paying off a mortgage may understandably worry about the risk of death. However, increasing monthly insurance premiums can be a significant financial burden. In such cases, 'term insurance' is worth considering. Unlike whole life insurance, which provides coverage for the insured's entire life, term insurance pays out a death benefit only for a specified period.
Fake Blockchain Scam Impersonating Dunamu's 'GIWA' Network Emerges
A scam has emerged that impersonates the blockchain network 'GIWA' being developed by Dunamu, leading to the theft of investors' virtual assets. Financial authorities have issued a consumer alert, warning that scams utilizing unlaunched blockchain networks could spread. The Financial Supervisory Service announced on October 22 that it has issued a consumer alert of 'caution' regarding a 'fake chain' scam that impersonates the blockchain network of a well-known virtual asset exchange.
Insurance Industry Growth Rate Expected to Drop Below Half of This Year’s Level
Next year, the growth rate of South Korea's insurance industry is projected to fall below half of this year's level. Although insurance companies reported improved net profits in the first half of this year, concerns have been raised about the deteriorating profitability of their core operations, highlighting the urgent need for new growth drivers.
Foreign Card Spending Soars 48% as Tourists Flock to Korea
As the number of foreign tourists visiting South Korea increases, spending in the medical and cosmetics sectors has surged significantly. With the number of inbound tourists expected to surpass 20 million, analysts suggest that tourism demand is invigorating the domestic consumption market.
Finda Becomes First Fintech Company to Enter Savings Bank Sector with Daewon Savings Bank Acquisition
Finda, a fintech company, is set to become the first in South Korea's fintech industry to enter the savings bank sector. The company plans to expand its operations beyond loan comparison and brokerage to directly design and supply financial products. On October 21, the Financial Services Commission approved Finda's acquisition of Daewon Savings Bank during its regular meeting. This marks the first time a domestic fintech company has acquired a savings bank.
Consumers Report Receiving Less from Pension Savings than Expected
연금저축 가입 당시 안내받은 예상 연금액과 실제 수령액이 달라 소비자 분쟁이 발생하고 있다. 금융감독원은 연금저축 가입부터 수령까지 소비자가 알아야 할 유의사항을 안내했다. According to the Financial Supervisory Service (FSS), as of the end of the second quarter of this year, the total amount in pension savings reached 224.8 trillion won, a 13.4% increase from the end of last year’s 198.2 trillion won. As the pension savings market expands, disputes regarding pension amounts and early withdrawals continue to arise.
K-Bank Enhances Blockchain Transaction Analysis to Strengthen Anti-Money Laundering Capabilities
K-Bank is enhancing its blockchain transaction analysis capabilities in preparation for the institutionalization of digital assets, including stablecoins. On October 21, K-Bank announced the adoption of 'Transite,' a transaction analysis solution from Bonanza Factory, a blockchain compliance specialist. Transite is a Know Your Transaction (KYT) solution that tracks wallet addresses and fund flows on the blockchain to analyze the risk of financial crimes such as money laundering.
Aplus Asset Unveils Long-Term Value Enhancement Plan with 40% Shareholder Return Target
Aplus Asset, a major corporate insurance agency, announced a long-term plan to achieve a return on equity (ROE) of over 15% and a total shareholder return rate of over 40% by 2030. On October 20, Aplus Asset identified three core objectives: improving profitability and capital efficiency, expanding shareholder returns, and advancing governance structures. This plan elaborates on commitments made during the shareholder meeting in March through disclosures and shareholder letters.
Data Breach at Two Online Investment Firms Affects 19,000 Customers
Customer information for approximately 19,000 individuals has been compromised at online investment firms PFCT and Mouda. According to a report received by Shin Dong-wook, a member of the National Assembly's Political Affairs Committee, from the Financial Supervisory Service, the data breach involved 18,900 customers from PFCT and 314 from Mouda. The exact extent of the damage may vary based on ongoing investigations.
Hanwha Life Expands Financial Education for Indonesian Youth with 700 Participants
Hanwha Life is expanding its financial education initiatives for Indonesian youth based on its accumulated expertise in South Korea. On October 19, Hanwha Life announced its collaboration with the international NGO Save the Children to implement the 'Youth Financial Literacy Ecosystem Project' in the Bandung region of West Java, Indonesia.
KakaoPay Offers Discounts Up to 150,000 Won During 'Nonan Day'
KakaoPay is hosting the '2026 KakaoPay Nonan Day,' offering discounts for online, offline, and overseas payments. The company announced on October 19 that it will provide discounts from over 50 brands across seven sectors, including beauty, fashion, travel, telecommunications, convenience stores, food and beverage, and living, until October 30. 'Nonan Day' is inspired by the Korean term 'nonada,' which means to have good fortune or luck in all endeavors.
Toss Insurance Employees Participate in Plogging Activity Near Dorimcheon
Toss Insurance, a corporate insurance agency, conducted a plogging activity to protect the local environment. On October 15, approximately 30 employees from Toss Insurance participated in a plogging event near Dorimcheon, close to Sindorim Station in Guro District, Seoul. Plogging combines jogging or walking with picking up litter as a means of environmental cleanup. The event aimed to contribute to community environmental improvement and expand social contribution activities.
Internet Banks Lower Barriers for Business Loan Refinancing
Internet banks are making it easier for small business owners to refinance loans by increasing limits and expanding product offerings. Since the introduction of a refinancing service for small business credit loans in March, which was led by financial authorities, the performance has fallen short of expectations due to limited eligibility. In response, banks are enhancing their product competitiveness to capture refinancing demand.
Hanwha Insurance Launches Pregnancy-Specific Insurance
Hanwha General Insurance has introduced a maternity-specific insurance product that covers diseases occurring during pregnancy and childbirth, as well as postpartum mental health issues. On October 19, Hanwha announced the launch of its digital-only product, 'Hanwha Direct Maternity Insurance Non-Dividend.' Unlike existing insurance products that primarily focus on the risks to the fetus and child, this new offering emphasizes the health of the mother.
Financial Supervisory Service Inspects OK Savings Bank After Second Hacking Incident
The Financial Supervisory Service (FSS) has begun an on-site inspection of OK Savings Bank, where over 500 customers' information was leaked due to repeated hacking incidents. According to financial authorities on October 18, the FSS initiated the inspection on October 16 after receiving reports of a second hacking incident at OK Savings Bank. They are currently assessing the circumstances of the incident and the extent of the damage.
Government Gathers Major Cryptocurrency Exchanges Ahead of Tax Implementation
The government is convening representatives from five major cryptocurrency exchanges to gather industry feedback as it prepares to implement cryptocurrency taxation in January 2027. With the industry calling for a delay due to insufficient tax infrastructure, interest is growing in the possibility of a fourth postponement following the introduction of a tax bill by members of the ruling party.
Credit Card Companies See Drop in Bad Debt, But Long-Term Delinquency Increases
Domestic credit card companies have seen a decline in bad debt expenses after four consecutive years of increases. However, the balance of long-term delinquent loans, those overdue for more than six months, has risen by 30% compared to the same period last year, raising concerns about future management of non-performing loans.
University Students Collaborate to Solve Local Financial Issues at KakaoPay Hackathon
KakaoPay has engaged 100 university students to brainstorm solutions for everyday digital finance challenges. On October 17, KakaoPay hosted the 'SakakSak Supporters Digital Finance Service Idea Hackathon' at its AI campus in Yongin, Gyeonggi Province. The hackathon featured 100 students from the first cohort of KakaoPay's youth digital finance leadership program, 'SakakSak Supporters,' who formed 20 teams of five.
NH Nonghyup Life Employees Volunteer to Support Cabbage Farmers in Inje
NH Nonghyup Life announced on October 18 that 25 employees participated in a volunteer activity at a cabbage farm in Inje, Gangwon Province, on October 14. The initiative aimed to assist farmers facing labor shortages during the busy farming season and to promote coexistence with rural communities. Among the participants was Vice President Lee Wan-jin from the Asset Management Division. The employees helped clear agricultural plastic from a 2,000-pyeong field after the cabbage harvest.
Number of Insurance Agents at Major GA Exceeds 280,000; Commissions Surpass 10 Trillion Won
Domestic major insurance general agencies (GAs) have surpassed 280,000 affiliated insurance agents. In the first half of this year, commission income exceeded 10 trillion won, with indicators of sales soundness, such as incomplete sales rates and contract retention rates, showing improvement.
Major Banks Offer Up to 4% Interest on Deposits as Competition Intensifies
As interest rates rise due to increases in the base rate, major banks are enhancing their deposit rates, diminishing the competitive edge of internet banks and savings banks. With several time deposit products now offering interest rates of up to 4%, consumers seeking high-yield deposits have more options available.
OK Savings Bank Confirms Data Breach Affecting 250 Customers
OK Savings Bank has confirmed that a hacking incident has resulted in the leak of personal information for 250 customers. The compromised data includes names, birth dates, account numbers, annual income, and loan amounts, among other sensitive financial information. On October 15, OK Savings Bank announced that, following a thorough investigation with two external security firms, it had verified the leak of personal information from customers who used the bank's online loan application service.
Bank Salad Files Three Patents for AI Agent Control Technology
Bank Salad has developed technology to verify and control errors that may occur during financial transactions involving artificial intelligence (AI) agents. On October 15, Bank Salad announced that it has filed three patents related to technology that governs the judgment and execution of financial AI agents. This technology focuses on blocking potential risks that may arise when AI agents utilize financial services on behalf of consumers.
Acuon Capital and Savings Bank Collaborate to Exceed 2 Trillion Won in Financial Transactions
Acuon Capital and Acuon Savings Bank have surpassed 2 trillion won in collaborative financial transactions last year. The rapid growth in their partnership is attributed to an expansion in joint investments and loans, primarily in corporate finance. According to Acuon Capital on October 15, the total amount of collaborative financial transactions between the two companies increased by 69.5%, from 1.21 trillion won in 2024 to 2.05 trillion won last year.
U.S. CPI Exceeds Expectations, Bitcoin Drops to $81,552
The U.S. consumer price index (CPI) for September rose above market expectations, leading to a decline in the prices of major virtual assets, including Bitcoin. According to CoinMarketCap, as of 8 a.m. on October 15, Bitcoin was trading at $81,552, down 2.27% from the previous day. Previously, Bitcoin had been fluctuating between $82,000 and $83,000, but it began to decline following the release of the U.S. CPI data.
Online Investment Association Calls for Fair Competition Amid Toss's Market Entry
The Online Investment Association has urged the establishment of institutional measures to ensure fair competition as major financial platforms like Toss enter the online investment sector. On October 14, the association expressed its agreement with concerns raised by lawmakers during a National Assembly audit on October 8 regarding the direct entry of large corporations and financial platforms into the online investment market.
KakaoPay Launches Post-Payment Membership Point Accumulation Service
KakaoPay has introduced a service that allows users to accumulate membership points that were missed during payment. On October 14, KakaoPay announced the launch of its 'Post-Payment Membership Accumulation' service, which identifies unearned points based on payment history linked to MyData. The first partner for this service is CU convenience store.
Hanwha Insurance Launches Pregnancy and Parenting Support App
Hanwha Insurance announced the launch of its mobile application, 'PLUS CLOVR,' on October 14, designed to provide essential information and services for women during pregnancy, childbirth, and parenting. PLUS CLOVR is a women's wellness platform based on Hanwha Financial's co-brand 'PLUS,' offering specialized content and services related to pregnancy, childbirth, and parenting.
Over 400 Customers' Data Breached at Saemaul Geumgo Amid Hacking Attack
Over 400 customers' personal information has been confirmed as leaked due to a hacking attack at Saemaul Geumgo. On October 13, the Saemaul Geumgo Central Association posted an apology on its website, announcing that some members' personal (credit) information had been compromised. The hacking incident occurred on October 10, and the association reported the breach to financial authorities on October 12 after becoming aware of the situation.
Korean Financial Institutions Share 'K-Community Finance' Model with Laos Central Bank
The Korea Financial Services Agency and the Credit Recovery Commission shared their experiences in operating Korea's policy on community finance and debt adjustment with the Laos Central Bank. On October 12, the two agencies conducted a training session for employees of the Laos Central Bank at the Credit Recovery Commission headquarters in Seoul, aimed at expanding inclusive finance.
MetLife Life Insurance Moves Headquarters to Jongno, Aiming to Enhance Innovation
MetLife Life Insurance has completed its headquarters relocation and aims to enhance customer-centric innovation in its new work environment. The company announced on October 13 that it held a ceremony on October 6 to commemorate its move to G1 Seoul in Jongno, Seoul. During the event, employees introduced a 'Wish Tree' where they wrote down their goals and aspirations for the new office, and awards were presented to staff who creatively decorated their workspaces.
Financial Supervisory Service Inspects YeGarAm Savings Bank After Hacking Incident
금융감독원이 해킹 피해로 고객 정보가 유출된 예가람저축은행을 대상으로 현장 점검에 나선다. According to financial authorities, the Financial Supervisory Service (FSS) is conducting an on-site inspection at YeGarAm Savings Bank to investigate the cause of the recent hacking incident and the circumstances surrounding the data breach. Previously, YeGarAm Savings Bank announced on its website on October 2 that it had confirmed unauthorized access by an unidentified hacker to a server containing customer personal information on September 30.
Toss and Naver Clash Over POS System Integration at National Assembly Hearing
Toss Place and Naver continued their conflict over point-of-sale (POS) system integration during a national assembly hearing. Toss Place accused Naver of unfairly excluding its POS system from partnership opportunities, while Naver defended its selection process as based on objective criteria. Choi Jae-ho, CEO of Toss Place, testified before the National Assembly's Political Affairs Committee on October 12, stating, "We have been requesting POS integration with Naver for the past two years.
Toss Bank Issues Transaction Correction Notice After Deposit Error
인터넷전문은행 토스뱅크가 입금 오류 사고가 발생한지 닷새가 지나서야 고객들에게 거래 정정 안내에 나섰다. 토스뱅크는 12일 입금 오류 피해를 본 고객들에게 문자 메시지를 보내 "해당 입금을 12일에 정정(취소)할 예정"이라고 밝혔다. 토스뱅크는 "정정된 내역은 토스뱅크 거래내역에서 확인할 수 있으며, 정정이 끝나면 다시 안내하겠다"며 "해당 금액을 실제로 받아야 하는 경우에는 보내신 분께 다시 송금을 요청해 주시기 바란다"고 안내했다. 앞서 지난 7일 토스뱅크에서는 다른 금융기관에서 토스뱅크로 보낸 이체 중 일부가 정상적으로 처리되지 않았는데도 수취 계좌에는 입금된 것으로 기록되는 오류가 발생했다. 해당 오류는 오후 2시 20분부터 약 30분간 이어졌다. 토스뱅크는 사고 직후 관련 고객들에게 오류 발생 사실을 알렸으나, 실제 입금 내역을 취소하는 정정 조치는 사고 발생 닷새 만인 이날 진행하기로 했다. 현재 정확한 입금 오류 규모는 확인 중이다.
KakaoBank Launches Financial Services for Foreign Residents
KakaoBank has introduced financial services for foreign residents in South Korea, allowing them to open accounts, make payments, and conduct international remittances. This initiative aims to reduce language barriers and the need for in-person visits to bank branches, thereby attracting foreign customers and expanding its deposit base. On October 12, KakaoBank held a press event at the Novotel Ambassador Seoul Dongdaemun to announce the launch of its foreign financial services.
KakaoBank Launches Account and Card Services for Foreign Residents
KakaoBank is introducing online account opening, debit card issuance, and overseas remittance services for foreign residents in South Korea. This move aims to attract foreign customers as their numbers continue to rise in the country. On October 12, KakaoBank held a press conference in Yongsan, Seoul, to announce the launch of its foreigner banking services, including foreign accounts and Friends debit cards.
Second Round of Youth Future Savings Applications Opens October 12
The second round of applications for the Youth Future Savings program will resume on October 12, allowing anyone to apply without restrictions based on their birth year. The Financial Services Commission and the Korea Inclusive Finance Agency announced that applications will be accepted from October 12 to 16. Previously, on October 7 and 8, a staggered application system based on the last digit of applicants' birth years was implemented to prevent overcrowding.
Internet Bank Overdraft Rates Surpass 7% for First Time in Over Two Years
The average interest rate for overdraft accounts at three internet banks has surged to 7.29%, the highest level in two years and three months. Concerns are growing that borrowers with lower credit ratings, whose loan rates are nearing 9%, will face increased financial burdens as they rely on these accounts for living expenses or emergency funds.
Hacking Attempts Target Financial Institutions, No Data Breach Reported
On October 2, the Seonmin Financial Promotion Agency and the Credit Recovery Commission confirmed they were targeted by hacking attempts. However, both institutions reported no actual data breaches or personal information leaks. According to the financial sector on October 7, the Seonmin Financial Promotion Agency identified a hacking attempt via an external Internet Protocol (IP) address on October 2. This IP address was found to be the same as one used in recent banking sector hacking incidents.
OK Financial Group Signs Stock Purchase Agreement for Yebyeol Insurance Acquisition
OK Financial Group has signed a formal contract to acquire Yebyeol Insurance. The Korea Deposit Insurance Corporation announced on October 7 that it has entered into a stock purchase agreement (SPA) with OK Next Co., a subsidiary of OK Financial Group. In the coming days, OK Next will proceed with the necessary steps for the acquisition of Yebyeol Insurance, including obtaining approval for a change in major shareholders from the Financial Services Commission.
Can You Get Compensation for Personal Data Breaches Without Financial Loss?
Personal data breaches are increasingly common, raising concerns about how leaked information might be used, even if no immediate financial loss occurs. This leads to the question: can individuals seek compensation for the anxiety caused by such breaches without losing money? The short answer is yes, individuals can file for damages even without direct financial loss, but compensation is not automatically granted just because a data breach occurred.
Hyundai Commercial Partners with Four Korean Investment Firms for Corporate Finance Expansion
Hyundai Commercial is expanding its corporate finance operations by partnering with key affiliates of Korea Investment Finance Group. On October 7, Hyundai Commercial announced that it has signed a strategic memorandum of understanding (MOU) with four subsidiaries of Korea Investment Finance Group: Korea Investment & Securities, Korea Investment Real Asset Management, Korea Investment Trust, and Korea Investment Private Equity.
Flu Season Hits Early, Leading to Surge in Children's Insurance Claims
The early onset of the flu season has led to a rapid increase in insurance claims related to flu treatment for children. According to Kakao Pay Insurance, an analysis of antiviral treatment cost claims revealed that the number of claims for elementary and middle school insurance increased approximately 5.9 times from week 35 (August 23-29) to week 40 (September 27-October 3). Claims for infant insurance rose about 4.2 times during the same period.
Welcome Savings Bank and Hyundai Capital Unaware of Hacking for Five Days
Welcome Savings Bank and Hyundai Capital were unaware of a hacking attack for nearly five days after it occurred. According to materials submitted by the Financial Supervisory Service to Han Chang-min, a member of the National Assembly's Political Affairs Committee, the incident at Welcome Savings Bank was reported to have happened at 5:09 PM on September 27. However, the bank did not recognize the breach until 4:04 PM on October 2.
Bitcoin Stalls Around $85,000 as U.S. Stock Market Rises
Bitcoin is currently trading around $85,000. The rise in major U.S. stock indices has diverted investment demand away from cryptocurrencies, limiting Bitcoin's price increase. According to CoinMarketCap, as of 8 a.m. on October 7, Bitcoin was trading at $85,522, down 0.46% from the previous day. Most major altcoins also showed weakness. Ethereum fell 0.71% to $2,696, while Ripple (XRP) dropped 0.79% to $1.49. Binance Coin (BNB) was down 1.09% at $779.
OK Savings Bank Faces 30.4 Billion Won Loss from Leverage ETFs, Regulators to Revise Investment Limits
OK Savings Bank has incurred a loss exceeding 30 billion won from its investment in single-stock leverage exchange-traded funds (ETFs) linked to Samsung Electronics and SK Hynix. In response, financial authorities are planning to revise regulations on high-volatility ETF investments by savings banks. The current rules do not impose specific investment limits on securities-type ETFs, creating a regulatory gap.
Attempts to Access K-Bank and KakaoBank Blocked Amid Hacking Concerns
Recent attempts to access the servers of K-Bank and KakaoBank were made using IP addresses associated with recent hacking incidents targeting major financial institutions. However, these attempts were successfully blocked by security systems, preventing any personal data breaches or actual harm.
Moonpay and KB Kookmin Card Partner to Enable Digital Asset Payments
Global virtual asset payment and stablecoin infrastructure company Moonpay has partnered with KB Kookmin Card to develop a service model that allows foreigners to make payments at domestic merchants using digital assets. On October 6, Moonpay announced its collaboration with KB Kookmin Card in the field of digital asset-based payment services. The two companies plan to jointly explore payment solutions for foreign customers at domestic merchants and cross-border stablecoin payment models.
Toss Bank Hacking Attempt Linked to Shinhan Bank Incident
Recently, some of the Internet Protocol (IP) addresses used in a series of hacking incidents targeting the financial sector attempted to access the servers of Toss Bank as early as January of this year. However, Toss Bank blocked these attempts, preventing any personal data breaches or actual damage.
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