Tech firms’ rush into finance puts pressure on banks, regulators
EconomyJan 2, 2022
Naver and Kakao -- Korea’s two largest online service providers -- are prompting financial companies to better meet fintech needs and regulators to write rules that are fair to both of them. Naver Financial, a key Naver fintech subsidiary, started offering loans last year to small businesses with Woori Bank. The Naver Financial CEO said last month that he was considering seeking a permit to oversee more banking services to issue insurance and credit cards. Meanwhile, Kakao Pay, a mo