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Western Union expands cooperation with NH Bank

News | Payments General | 24 Jul 2020

Western Union has expanded its partnership cooperation with NH Bank, through the appointment NongHyup (Agricultural Co-operative) as a sub-agent.

Western Union, NH Bank, Nonghyup, payments , cross-border remittance

South Korea extends ban on short-selling

News | Payments General | 05 Feb 2021

The South Korean Financial Services Commission has announced it will be extending a ban on short-selling after the GameStop share price pump.

South Korea, short-selling, GameStop, trading, retail investors, stock trading, anti-short, Celltrion

Apple enables third-party app payments in South Korea

News | Mobile Payments | 11 Jan 2022

The Korea Communication Commission (KCC) has announced that Apple submitted its compliance plans to allow developers to use third-party payment options in South Korea.

Apple Pay, Apple, regulation, mobile payments, online payments, payment methods

Samsung, Mastercard partner to launch biometric payment card

News | Digital Identity, Security & Online Fraud | 05 Mar 2021

Samsung and Mastercard have partnered to launch a biometric payment card.

Samsung, Mastercard, biometric authentication

South Korea-based digital asset investors to pay 20% in taxes from crypto trading

News | Cryptocurrencies | 15 Jul 2020

South Korea’s private sector members have revealed that the nation’s citizens may have to pay as much as 20% of their cryptocurrency earnings in taxes. 

South Korea, digital assets, taxes, crypto trading, private sector, cryptocurrency, earnings, virtual currencies, electronic certificates, digital certificates, financial assets, capital gains, Financial Services Commission, financial regulator

Visa Korea to roll out new services aiming to boost the fintech sector

News | Payments General | 14 Jan 2020

Visa Korea has announced plans to launch new services in 2020, to grow its presence in the emerging segments of big data and contactless payment solutions.

Visa Korea, contactless payment solutions, Visa, Visa Token Service, Visa Direct, global money transfer service, fintech, Asia

Hyundai Card launches credit card with Naver in Korea

News | Cards | 26 Aug 2021

Korea-based Hyundai Card has launched a private label credit card in collaboration with IT company Naver to bolster the credit card issuer’s online retail business.

credit card, product launch, subscription payments, cashback, online shopping

South Korea-based ecommerce company Coupang raises USD 4.2 bln IPO

News | Ecommerce | 17 Mar 2021

South Korea-based ecommerce giant Coupang has raised USD 4.2 billion in its initial public offering that makes it the biggest listing in the US so far in 2021.

Coupang, funding, ecommerce

Shinhan Card reveals facial recognition payment service

News | Digital Identity, Security & Online Fraud | 14 Apr 2020

Korea-based credit card company Shinhan Card has introduced Shinhan Face Pay, the country’s first biometric facial recognition payment service.

Shinhan Card, biometrics, facial recognition, retail, payment, credit card, facial payments, Korea, banks

South Korea to allow more freedom in the Open Banking ecosystem

News | Online & Mobile Banking | 02 Feb 2021

South Korea’s Financial Services Commission (FSC) has unveiled its work plan for 2021, outlining key areas of focus, including expanding the Open Banking ecosystem.

South Korea, regulations, FSC, Open Banking, contactless payments, Savings Banks, credit card, fintech, MyData, MyPayment

CHAI raises USD 45 mln Series B+ funding round

News | Payments General | 21 Dec 2021

SoftBank Ventures Asia (SBVA) has announced that it is a leading investor in the Series B+ fundraising round of CHAI, a payment solution in Asia. 

investment, digital payments, funding

SK, Naver, Kakao compete for central bank's digital currency project

News | Cryptocurrencies | 13 Jul 2021

SK, Naver, and Kakao have engaged in a competition to become the partner of Bank of Korea (BOK) for a project to issue and circulate a central bank digital currency (CBDC) virtually to test whether it can be used successfully, according to The Korea Times.

CBDC, blockchain, central bank

Bank of Korea plans cryptocurrency (CBDC) testing in 2021

News | Cryptocurrencies | 08 Oct 2020

South Korea’s central bank has revealed that the third and final phase of its pilot programme for a CBDC will commence in 2021.

Bank of Korea, cryptocurrency, CBDC, South Korea, central bank, BOK, central bank digital currency

South Korea's fintech Toss aims to raise USD 200 mln investment

News | Payments General | 07 May 2020

South Korea-based fintech startup Toss has planned to raise USD 200 million from investors to expand in online banking and security trading services.

Toss, online banking, Secure Trading, South Korea, fintech, PayPal, Robinhood, Credit Karma, money transfer, loans, credit rating management, credit cards, securities brokerage, small businesses, internet bank, Open Banking

South Korea to introduce law to help reverse erroneously made mobile payments

News | Mobile Payments | 17 Feb 2021

South Korea is set to introduce a law aimed at helping to reverse and refund wrongful fund transfers that have been erroneously made via mobile payment services.

South Korea, mobile payments, fund transfer

Kakao Pay set to be Korea's first mobile-payment fintech to go public

News | Mobile Payments | 29 Sep 2020

South-Korea mobile payments fintech Kakao Pay has announced kicking off preparations for an initial public offering.

Financial Supervisory Service, Kakao Pay, IPO, initial public offering, mobile payments, South Korea, Asia, APAC

Boku launches e-wallet payments in South Korea for global video games partner

News | Mobile Payments | 14 Sep 2020

Global mobile payment and mobile identity company Boku has launched payments via KakaoPay in the Republic of Korea for one of its global video games partners.

Boku, mobile payments, KakaoPay, Republic of Korea, direct carrier billing, South Korea, digital purchases, video game, mobile wallet, e-wallet, tokenization, subscription payments, ecommerce

Hyundai Card launches credit card for Gen Z

News | Cards | 05 Apr 2021

South Korea-based credit card issuer Hyundai Card has launched new credit cards targeting Generation Z.

product launch, credit card, loyalty programme, Gen Z

Alipay+ partners Asian e-wallets for cashless travel in South Korea

News | Mobile Payments | 27 Sep 2022

Payment platform Alipay+ has partnered with several Asia-based e-wallets in order to support cashless travel in South Korea.

travel payments, mobile payments, e-wallet, partnership

South Korean bank builds pilot platform for CBDC

News | Cryptocurrencies | 11 Mar 2021

Shinhan Bank has built a pilot platform for a potential South Korean central bank digital currency (CBDC) with assistance from LG CNS.

blockchain, CBDC, digital currency, central bank, cryptocurrency