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Hanwha Life launches AI-powered cancer insurance with global health care firm

Hanwha Life has launched an artificial intelligence (AI)-powered cancer insurance product in collaboration with global healthcare firm Need, the Korean insurer said Tuesday. The product offers not only tailored coverage through a package of riders for cancer treatment but also comprehensive, personalized care throughout the treatment journey. Need is an AI health care startup founded in 2019 by Harvard Medical School graduates Will Polkinghorn and Petros Giannikopoulos. Its cancer protection system uses AI to provide insights on cancer prevention, treatment and recovery. The system connects and analyzes patients’ health checkup data while offering a dedicated AI platform for physicians to support treatment planning. Its credibility is reinforced through validation by a global network of cancer specialists. The new product features a simplified enrollment plan that allows nearly anyone to sign up as long as they do not meet three specific conditions. The three criteria are hospitalization, surgery or additional test recommendations for confirmed or suspected diseases within the past thre

Sep 2, 2025By Jun Ji-hye
Hanwha Life launches AI-powered cancer insurance with global health care firm

Banks ramp up AI defenses as gov’t moves to make them liable for voice phishing losses

Banks are enhancing preventive measures against voice phishing, including upgrades to monitoring systems powered by artificial intelligence (AI), as the government moves to require financial institutions to compensate phishing victims, industry officials said Monday. The efforts come as the government plans to legislate a no-fault liability rule, which would require financial institutions to compensate victims of voice phishing even when transfers were made directly to criminals by the victims and even if the banks are not at fault. This measure is a core element of the comprehensive anti-voice phishing plans prepared by a pan-government task force led by the Office for Government Policy Coordination, with participation from the Ministry of Science and ICT, the Financial Services Commission (FSC) and other agencies. In announcing the plans on Thursday, the government said it will set detailed requirements, limits and procedures in consultation with financial firms as early as this year. Accordingly, the country’s major banks plan to focus their follow-up measures on strengthening defen

Sep 1, 2025By Jun Ji-hye
Banks ramp up AI defenses as gov’t moves to make them liable for voice phishing losses

Korea Development Bank opens Frankfurt branch

The Korea Development Bank (KDB), a state-owned policy bank, said Monday that it has opened a branch in Frankfurt, Germany. The Frankfurt branch marks KDB’s return to the German financial market after 26 years, following its withdrawal in 1999 during the Asian Financial Crisis. With a strategic goal of positioning itself as a "Euro Finance Hub," the branch aims to secure euro funding directly from the European market. KDB stated that the branch's operation will help provide effective support for Korean companies doing business in Europe, while building a strong client base of global companies operating in Germany. Europe is home to numerous Korean companies that have established local branches, subsidiaries and production facilities for automobiles, batteries, tires and more. At the same time, the branch will focus on building high-quality assets by collaborating with major German banks. The branch plans to actively engage in financial transactions with leading German corporations by offering tailored financial products for the local market, including the Schuldschein (a traditional Germ

Sep 1, 2025By Lee Yeon-woo
Korea Development Bank opens Frankfurt branch

Korea Exchange to co-host global forum on derivatives next week

Korea's main bourse operator said Monday it will hold a global conference on the derivatives market in the southern port city of Busan next week. The single-day event will be co-hosted by the Washington-based Futures Industry Association and attended by officials from local financial institutions, global investment banks and international rating agencies, according to a release from the Korea Exchange (KRX). The forum consists of two panel discussions, during which attendees will share their views on Korea's derivatives market and its prospects. The bourse operator noted that the event coincides with the inaugural year of after-hours trading of derivatives in Korea. It also comes on the occasion of the 20th anniversary of the establishment of the KRX's Busan headquarters, located some 330 kilometers south of Seoul. "We plan to actively discuss industry trends, including expansion of trading hours and the introduction of digital assets, with market players and seek the future direction of the derivatives industry," the KRX said.

Sep 1, 2025By Yonhap
Korea Exchange to co-host global forum on derivatives next week

Banking group CEOs under pressure to reassure foreign investors over stock decline

The leaders of four major banking groups in Korea are facing pressure to reassure foreign investors as domestic banking stocks experience a significant downturn, according to industry officials Friday. The urgency comes ahead of potential meetings in September between the CEOs of KB, Shinhan, Hana and Woori Financial Groups and representatives from global investment banks JP Morgan and Morgan Stanley during their visits to Seoul. In addition, each CEO is scheduled to embark on overseas investor relations trips in October, coinciding with the 2025 Annual Meetings of the World Bank Group and International Monetary Fund. These global gatherings are expected to draw investors, economists and policymakers from around the world, intensifying the need for transparent communication on corporate strategy and shareholder value. “These occasions intensify the need for clear communication to restore investor confidence, especially as banking stock prices remain on a downward trajectory,” said Jung Eui-jung, head of the Korean Stockholders’ Alliance. According to bourse operator Korea Exchange,

Aug 29, 2025By Yi Whan-woo
Banking group CEOs under pressure to reassure foreign investors over stock decline

Kbank partners with BPMG for global stablecoin financial services

Kbank signed a memorandum of understanding with domestic blockchain company BPMG, the digital bank announced Wednesday, as it accelerates efforts to create stablecoin-based financial services. Established in 2021, BPMG offers services across blockchain and artificial intelligence (AI), including the KMINT multichain wallet, blockchain platform development and stablecoin consulting. The company holds multiple core technology patents in blockchain and has expanded the ecosystem through collaborations with various partners. Both parties agreed that the practical applications of stablecoins lie in overseas remittances, currency exchange and payments, and decided to jointly develop specific business models related to these areas while cooperating on building the system. One of the main goals is to reduce remittance times and lower transaction costs by leveraging blockchain's distributed ledger technology. The two companies also plan to develop financial services that integrate AI and blockchain. Based on BPMG's patents, they aim to co-develop technology that can automatically analyze regulato

Aug 27, 2025By Lee Yeon-woo
Kbank partners with BPMG for global stablecoin financial services

Banks prepare to resume ELS sales, eyeing boost in non-interest income

Banks are preparing to resume sales of equity-linked securities (ELS) after their suspension following a controversy over the mis-selling of products tied to the Hang Seng China Enterprises Index (HSCEI) in Hong Kong, industry officials said Wednesday. They noted that ELS products are viewed as a potential new source of non-interest income. However, with financial authorities taking longer than expected to finalize guidelines, banks are unlikely to restart sales in September as initially anticipated, and are instead preparing to resume as early as October. ELS products are structured financial instruments with returns tied to the performance of a specific stock or stock index. The HSCEI ELS controversy centered on significant consumer losses amid a combination of unfavorable factors such as China’s property market restrictions, U.S.-China tensions and global interest rate hikes. Banks came under fire for causing heavy losses by selling large volumes of complex, high-risk financial products without providing sufficient explanation to buyers. In response, the Financial Services Commission

Aug 27, 2025By Jun Ji-hye
Banks prepare to resume ELS sales, eyeing boost in non-interest income

Regulator to get tougher on stock manipulation, accounting flaws

The head of the oversight body for the local stock market said Wednesday that his agency will get tougher on stock manipulation and accounting flaws. Kwon Dae-young, the head of the Securities and Futures Commission under the Financial Services Commission (FSC), said the commission will sternly penalize illegal and unfair practices that undermine market principles. "We will also take stern measures against accounting flaws," he said. Kwon, who also serves as vice chairman of the FSC, said his agency will update related regulations to meet fast changes in the market conditions. The country's financial authorities have been preaching for a zero-tolerance approach and respond firmly to acts that undermine market order and fairness, such as stock price manipulation and the abuse of dominant market positions. President Lee Jae Myung earlier called for stern measures against stock manipulation and unfair trading practices as part of efforts to boost the local financial market. Starting in October, those caught illegally trading stocks will face fines of up to twice the amount of their unjust gai

Aug 27, 2025By Yonhap
Regulator to get tougher on stock manipulation, accounting flaws

Banks' lending rates dip in July amid monetary easing cycle

Banks' loan rates declined in July amid the central bank's monetary easing cycle, though rates on home-backed loans went up for the second consecutive month amid tighter lending regulations, data showed Wednesday. The average lending rate on new bank loans stood at 4.06 percent last month, down 0.03 percentage point from a month earlier, according to the data from the Bank of Korea (BOK). The rate had risen in June for the first time in five months but reversed course last month. In detail, the average interest rate on corporate loans declined by 0.02 percentage point to 4.04 percent in July. The rate for new household loans edged down by 0.01 percentage point to 4.2 percent, marking the eighth consecutive monthly decrease. But the interest rate for home-backed mortgage loans gained 0.03 percentage point to 3.96 percent in July, marking the second consecutive monthly increase. The on-month gain came as the government introduced tighter lending rules, including a 600 million-won ($429,830) cap on mortgage loans in Seoul and its surrounding area, in an effort to curb rising household debt an

Aug 27, 2025By Yonhap
Banks' lending rates dip in July amid monetary easing cycle

NongHyup Bank enhances partnership on stablecoin-based K-pop copyright investment

NH NongHyup Bank is strengthening a three-way partnership with pioneering companies in blockchain-based payment systems and music copyright investment using blockchain technology. The bank signed a third memorandum of understanding (MOU), Monday, with fintech security firm Aton and music copyright investment platform Musicow, it said Tuesday. This agreement builds on their initial MOU from December 2021, focusing on developing an integrated business model that enables investors to purchase copyrights for k-pop and other Korean cultural content. The model facilitates ownership through the integration of stablecoins and security token offerings (STO). Stablecoin is a cryptocurrency designed to maintain a stable value by pegging it to fiat currencies. They are issued and exchanged on blockchain networks, which securely and transparently record all digital asset transactions. STO is a blockchain-based digital token that allows companies to raise capital by investing and owning rights in real-world assets, offering regulatory compliance and enhanced investor protection. The project centers on a

Aug 27, 2025By Yi Whan-woo
NongHyup Bank enhances partnership on stablecoin-based K-pop copyright investment
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