Security & Payment Archives | Be Korea-savvy

Archive by category Security & Payment

Nearly 560,000 Foreign Hacking Attempts Against Gov’t Detected over Past 6 yrs

Nearly 560,000 Foreign Hacking Attempts Against Gov’t Detected over Past 6 yrs

SEOUL, Sept. 13 (Korea Bizwire) — The government has seen nearly 560,000 outside hacking attempts into its key computer systems over the past six years, with a combined 43 percent from China and the United States, a report showed Tuesday. According to the interior ministry report submitted to Rep. Lee Hae-sik of the main opposition [...]

Fintech Startup AIM Aims to Bring Professional Wealth Services to Ordinary Investors

Fintech Startup AIM Aims to Bring Professional Wealth Services to Ordinary Investors

SEOUL, Aug. 9 (Korea Bizwire) — Jihae Jenna Lee, a former portfolio manager at Boston-based hedge fund Acadian Asset Management, last year extended her “funeral date” by another five years. Her robo-advisor asset management company, AIM (Automated Investment Management) Inc., founded in 2016, had grown significantly in the fourth year of operation, with the volume [...]

Use of Mobile Payment Services Rising as Non-Face-to-Face Consumption Becomes Routine

Use of Mobile Payment Services Rising as Non-Face-to-Face Consumption Becomes Routine

SEOUL, Aug. 4 (Korea Bizwire) — As non-face-to-face consumption has become a daily routine following the onset of the COVID-19 pandemic, South Korean consumers are using mobile payment services more than actual debit or credit cards, a poll showed Wednesday. According to an online survey conducted by the Korea Consumer Agency of 1,500 consumers who [...]

Kakao to Remove External Payment Link in Android App After Standoff with Google

Kakao to Remove External Payment Link in Android App After Standoff with Google

SEOUL, July 13 (Korea Bizwire) — Kakao Corp., operator of South Korea’s most popular messaging app KakaoTalk, has decided to remove an external payment link from the Android version of the software, following a standoff with Google over the U.S. tech giant’s new in-app payment policy, sources said Wednesday. The standoff between the two companies [...]

Tmoney Launches Trial Operation of Tagless Payment Service for Public Transport

Tmoney Launches Trial Operation of Tagless Payment Service for Public Transport

SEOUL, July 5 (Korea Bizwire) — The time is coming when public transport fares will be paid automatically if you simply pass by card readers without having to tag your traffic card or smartphone on the readers. South Korean smart payment operator Tmoney Co. said Monday that it will launch a trial operation of the [...]

Cryptocurrency Exchanges Sustain Heavy Losses Despite Overall Growth of Fintech Industry

Cryptocurrency Exchanges Sustain Heavy Losses Despite Overall Growth of Fintech Industry

SEOUL, Aug. 13 (Korea Bizwire) — Despite the overall growth of South Korea’s fintech industry, including the market for wire transfers and payments, cryptocurrency exchanges have seen drastic cuts in revenue and operating profits. CEO Score, a business analysis agency, studied the performance of 186 fintech firms based on public reports from the last three [...]

ID Card Mobile Verification Service Due Next Year

ID Card Mobile Verification Service Due Next Year

SEOUL, July 28 (Korea Bizwire) — Beginning next year, South Koreans will be able to conveniently confirm their identities through smartphones, thanks to the planned introduction of an ID card mobile verification service, the government said Wednesday. The Ministry of the Interior and Safety said it will build the resident registration card mobile verification service [...]

S. Korea Expands Open Banking Ecosystem, Invites Fintech Firms

S. Korea Expands Open Banking Ecosystem, Invites Fintech Firms

SEOUL, July 28 (Korea Bizwire) — South Korea’s financial authority said Wednesday it plans to expand the ecosystem of the so-called open banking platform by inviting users of fintech services, allowing more people to enjoy simpler financial transactions. South Korea launched the open banking service in 2019, which centers on allowing customers to use any [...]