The move, led by KB, Shinhan, Hana, and Woori Financial Groups, comes as domestic stablecoin transactions have already surpassed 60 trillion won (US$41.15 billion), despite the market not yet being fully legalised.

According to The Korea Times, financial regulators plan to submit a bill regulating stablecoins to the National Assembly by the end of 2025.

While discussions are still ongoing, banks, the flagship subsidiaries of the holding groups, are viewed as potential primary issuers of stablecoins pegged to the Korean won, either independently or through joint consortia with related institutions.

“Under these circumstances, alliances with big tech firms are considered essential, since it would take banks considerable time to develop the necessary technology on their own,”

an industry official said.

“Tech giants, on the other hand, already have strong platform ecosystems and are best positioned to secure practical use cases once stablecoins are issued.”

Other affiliates within the financial groups, including credit card, insurance, securities, and asset management units, are also expected to prepare for stablecoin-related services, such as managing reserves and risks, and linking existing payment and remittance systems with digital coins.

KB Financial Group, Shinhan Financial Group, and Hana Financial Group have already been collaborating with Naver on joint product launches and other initiatives.

Each is reportedly exploring the possibility of expanding into three-way partnerships with Naver and Dunamu, the operator of Korea’s largest cryptocurrency exchange, Upbit, following merger and acquisition discussions between the two companies.

Woori Financial Group, meanwhile, is deepening its collaboration with Samsung Electronics by leveraging its long-standing main banking relationship with Woori Bank.

The partnership involves Samsung Wallet, available on Galaxy smartphones, with Woori Bank serving as the exclusive operator of Samsung Wallet Money and Points.

“While companies like Naver and Kakao are expected to take leading roles in the crypto market by partnering with financial firms, Samsung Electronics also has the capability and operational capacity to issue and manage coins,”

another industry official said.

Financial groups are also expanding their crypto-focused teams and continuing in-house testing and verification.

KB Kookmin Bank has become the country’s first commercial bank to file 17 trademarks combining its brand name, KB, with “KRW”, intended to serve as a future ticker code for a won-backed stablecoin.

Shinhan Financial Group has been conducting pilot experiments to test how stablecoins could be used before legalisation, including through its in-house developed delivery app.

The group is also exploring ways to expand global usage of a won-backed stablecoin through its partnerships with Japan’s SBJ Bank and Shinhan Vietnam Bank.

Hana Financial Group has announced plans to establish a digital asset task force under the direct supervision of Chairman Ham Young-joo.

The task force will consolidate group-wide capabilities in response to the institutionalisation and expansion of the digital asset market.

Woori Financial Group has additionally acquired a 5% stake in digital asset custody firm BDACS.

Featured image credit: Edited by Fintech News Hong Kong, based on image by freepik

The post Korean Financial Groups Partner with Tech Firms as Stablecoin Market Expands appeared first on Fintech Hong Kong.

During a recent visit to Seoul, Hoskinson met with technology leaders and industry stakeholders to explore collaboration opportunities.

He commended the South Korean government’s plan to establish a ₩100 trillion (approximately US$70 billion) AI investment fund, expressing strong interest in contributing to the country’s ambitious vision.

Speaking to The Korea Herald, Hoskinson said:

“Several projects in Korea excite us greatly, and we see enormous potential for blockchain to intersect with them. There’s tremendous opportunity for blockchain and AI to work together for the benefit of the people.”

Hoskinson highlighted blockchain’s potential to transform Korea’s manufacturing, supply chain and electronics sectors by enhancing transparency, efficiency and innovation across key parts of the economy.

He noted that geopolitical tensions between China and the US have made supply chains less accessible, suggesting blockchain could help by improving traceability and diversification.

“Samsung, a pioneer, even ships every Galaxy phone with a Knox-based blockchain wallet,”

he said.

Samsung first introduced its cryptocurrency wallet with the Galaxy S10 in 2019, supporting major tokens such as Bitcoin and Ethereum.

Secured by the company’s Knox platform, the wallet stores private keys within the isolated Samsung Blockchain Keystore.

“Korea’s crypto market is efficient to navigate, with about 25 dominant companies, four controlling 90% of the market. That makes a short trip extremely productive,”

Hoskinson added, assessing the country’s blockchain ecosystem for its efficiency and innovation.

He described Korea as part of a broader Asian “family” alongside Japan and Singapore, while noting the unique local dynamics such as the “Kimchi Premium”.

“Adoption has grown massively, and evolving regulation around taxes and digital assets is providing greater clarity and consumer protection,”

he said.

Hoskinson also praised Korea’s regulatory progress.

The Virtual Asset User Protection Act (VAUPA), which took effect in July 2024, prioritises user protection and compliance, though some critics argue it leaves parts of the industry underregulated.

In June 2025, Korea advanced its digital asset framework by passing the Digital Asset Basic Act (DABA).

Once implemented, DABA is expected to complement VAUPA by clarifying licensing, reserve and operational requirements for stablecoin issuers and other digital asset firms, addressing payment potential and systemic risk concerns.

“This is extraordinary progress. It’s encouraging to see that globally, in the US, Korea and other countries, we’ve collectively turned a page and are back to innovating in the industry rather than over-regulating it,”

Hoskinson said.

Asked about his broader vision for blockchain, he explained that it should be seen as “faster money, safer money, less fraud, instant global transfer of value, and better tools for entrepreneurs.”

He also emphasised that “open-source, decentralised systems prevent monopolies, protect privacy and give consumers ownership of their data.”

Hoskinson described his latest project, Midnight, as a transformative platform for blockchain adoption.

“Midnight focuses on consumption rather than ownership. Korean partners can lease services without holding tokens. This provides governments and corporates a ‘free pass’ to experiment with blockchain solutions in privacy, identity and compliance.”

He envisions blockchain converging with AI, healthcare and government technology (govtech) to deliver real-world impact.

“Stablecoins, health care, and govtech are big opportunities. Midnight bridges privacy with compliance, enabling safe, regulated stablecoin use. In health care, blockchain can protect data, secure clinical trials and improve patient outcomes,”

he said.

Hoskinson commended Korea’s strong and structured crypto ecosystem, supported by regulations such as the Act on Reporting and Use of Certain Financial Transaction Information (CFTIA) and DABA.

The CFTIA requires foreign virtual asset service providers dealing with Korean users to report relevant transactions to the Korea Financial Intelligence Unit.

“Korea is a phenomenal market for cryptocurrency, with more than 15 million holders, over 30% of the population,”

he said, noting that major corporations like Samsung and SK are also leading global AI initiatives that could engage millions of users.

On the issue of accountability in crypto, Hoskinson underscored the importance of decentralisation:

“People think: ‘If something goes wrong, I want someone to put in jail.’ But decentralised protocols don’t work that way. True accountability comes through compliance, custody standards and blockchain-based disclosure, not by centralising the industry.”

“Partnerships build trust, trust builds cooperation and cooperation leads to innovation and real solutions. Blockchain should be the invisible trust layer for economic, political and social systems,”

he added.

Hoskinson, an American entrepreneur and mathematician, is best known as the co-founder of Ethereum.

He currently leads Input Output (IO), the Web3 engineering company behind the Cardano blockchain platform.

Born in Hawaii, he studied mathematics at Metropolitan State University of Denver and the University of Colorado Boulder before leaving a consulting career in 2013 to pursue cryptocurrency full-time.

Featured image credit: Edited by Fintech News Switzerland, based on image by rawpixel.com via Freepik

The post Ethereum Co-founder Supports South Korea’s Blockchain–AI Drive appeared first on Fintech Hong Kong.

According to The Korea Herald, the South Korean online payments company said on Thursday (September 25) that PayPay’s network has been connected to Korean offline stores, enabling Japanese visitors to pay as they would at home.

This marks PayPay’s first overseas expansion.

The company is one of Japan’s largest cashless payment providers, with over 70 million registered users.

Japan is South Korea’s second-largest source of visitors after China, with 1.92 million Japanese tourists travelling to the country between January and July.

The service was enabled through a three-way partnership between Kakao Pay, PayPay and Alipay+.

It follows Kakao Pay’s outbound expansion in November 2024, when Korean tourists were given the ability to use Kakao Pay for offline payments in Japan via PayPay’s local network.

Kakao Pay, the fintech arm of IT group Kakao, is currently the only Korean company linking foreign payment networks to offline merchants in Korea.

Before PayPay, it connected Vietnam’s ZaloPay, Pakistan’s NayaPay and Uzbekistan’s Humo to Korean stores.

Earlier this week, it also introduced near-field communication (NFC) payments, broadening outbound payment options for Korean users in the United States, Europe and Oceania.

“With Japan’s No. 1 mobile payment provider PayPay launching in Korea, the largest number of people in the two countries can now use their home payment services when travelling,”

Kakao Pay said.

“This milestone reflects the strong partnership Kakao Pay has built since making its first overseas expansion in Japan in 2019, and we will keep enhancing cross-border convenience and benefits for travellers between the two countries.”

Featured image credit: Edited by Fintech News Hong Kong, based on image by freepik

The post Kakao Pay, PayPay Link Up for Cross-Border Payments in Korea appeared first on Fintech Hong Kong.

According to The Korea Times, the agreement was reached on Monday (September 22) during a meeting in New York between President Lee Jae Myung and Larry Fink, interim co-chair of the World Economic Forum and CEO of BlackRock, held on the sidelines of the United Nations General Assembly.

Under the memorandum of understanding signed between the Korean government and BlackRock, the partnership will pursue a three-pronged strategy: joint development of data centres, establishing Korea as a regional AI hub serving both domestic and Asia-Pacific needs, and participation in international AI infrastructure projects.

“President Lee welcomed the opportunity to cooperate in making Korea the AI capital of the Asia-Pacific region, calling for close collaboration to deliver tangible results. The president also extended an invitation for Chairman Fink to visit Korea,”

Ha Jung-woo, Senior Presidential Secretary for AI and Future Planning, told reporters in New York.

Ha added that the agreement includes plans to jointly prepare, over the next five years, large-scale investments to support the region’s AI-driven renewable energy transition.

Fink emphasised the close link between AI innovation and decarbonisation, describing them as global imperatives.

He commended Korea’s forward-looking policies in AI and energy transition and expressed strong interest in supporting the nation’s infrastructure in these areas.

The BlackRock delegation further noted that Korea’s stock market has reached record highs since Lee’s inauguration, citing the country’s political and economic stability as a foundation for long-term growth.

Featured image credit: Edited by Fintech News Hong Kong, based on image by tawatchai07 via Freepik

The post South Korea, BlackRock Partner to Position Nation as Asia’s AI Capital appeared first on Fintech Hong Kong.

The app will be available both as a standalone Kaia-powered service and as a Mini Dapp operated by LINE NEXT.

The Unify app is expected to enter beta testing within this year, with subsequent additions of consumer-focused Web3 and fintech features, including stablecoin yield, payments, remittances, on/off-ramps, and Web3 applications.

Through the Unify app, users will be able to deposit stablecoins into their wallets and access a real-time incentive system.

The app will also allow users to send stablecoins via messaging, make payments with stablecoins at online and offline merchants globally, and receive paybacks.

Unify is intended to provide comprehensive on/off-ramp solutions and access to over 100 Web3 applications, offering additional incentives for users.

In January 2025, Kaia and LINE NEXT launched Mini Dapps on a messaging platform that has since attracted over 130 million new registered users.

Leveraging the region’s largest and most active wallet accounts, the partners are expanding this model into the full Unify app, which will be accessible via both web and mobile platforms.

Unify will aggregate multiple regional stablecoins, supporting currencies such as the US dollar, Japanese yen, Thai baht, Korean won, Indonesian rupiah, Philippine peso, Malaysian ringgit, and Singapore dollar.

By consolidating these diverse stablecoins, Kaia aims to provide a centralised platform for issuance, payments, and yield opportunities across Asia.

The project will also include a Unify SDK for stablecoin issuers and app developers.

This will enable stablecoin issuers to distribute tokens across borders and improve liquidity, while allowing developers to integrate stablecoin features into their applications.

“We have seen both the needs and the potential of stablecoins. We plan to lead the expansion of Asia’s stablecoin ecosystem by introducing a super-app that anyone can use easily and safely,”

said Youngsu Ko, CEO of LINE NEXT.

“Project Unify is Kaia’s strategic project to seize the opportunity in dominating the Asian stablecoin market, offering diverse convenience-enhancing fintech and entertaining services,”

said Dr Sam Seo, Chairman of the Kaia DLT Foundation.

“Another core element is the stablecoin orchestration layer, Asia’s payment infrastructure remains highly fragmented, and Kaia is uniquely positioned to consolidate it and drive cross-border financial inclusion.”

Featured image credit: Kaia

The post Kaia and LINE NEXT to Launch Asia-Focused Stablecoin Web3 Super-App appeared first on Fintech Hong Kong.

The arrangement will enable PayPay’s 70 million registered users to make payments wherever the Alipay+ logo is displayed, provided they have completed identity verification (eKYC) on the PayPay app in Japan.

The move marks the beginning of PayPay’s overseas expansion.

Users will be able to pay at a wide range of locations, including retail outlets, restaurants, cultural sites, shopping centres, and traditional markets.

Promotional offers are expected to be introduced in collaboration with PayPay, Alipay+ and local merchants.

Alipay+ currently connects 100 million merchants in 70 countries and regions worldwide.

Tourism plays a significant role in South Korea’s economy, particularly for SMBs.

South Korea remains the most visited destination for Japanese travellers.

According to the Korea Tourism Organization, more than 3.2 million Japanese tourists visited South Korea in 2024, an increase of 39.2% compared with 2023.

Spending has expanded beyond duty-free stores to include beauty retailers, lifestyle shops, and food vendors.

With PayPay’s introduction, Alipay+ now supports 17 payment partners in South Korea, including e-wallets and banking apps from mainland China, Hong Kong SAR, Southeast Asia and Italy.

Usage extends across retail, dining, transport and other tourism-related sectors.

In Japan, Alipay+ currently enables 21 digital wallets and banking apps from 13 countries and regions to be accepted at more than three million merchants, working in partnership with PayPay and other local providers.

“PayPay strives to be a trusted companion for our users, and this milestone marks the start of extending the journey overseas through our collaboration with Alipay+,”

said Masayoshi Yanase, Corporate Officer at PayPay Corporation.

“With our secure and user-friendly technology, PayPay and Alipay+ aim to make payments seamless for travellers while supporting merchants in tapping into new opportunities in the tourism economy.”

“We are pleased to work with industry leaders like PayPay to elevate consumer experience while fostering local economic growth through continuous innovation,”

said Weixiao Jiang, General Manager of Alipay+ Japan, Korea and North America at Ant International.

“Our goal is to ensure that travellers can rely on familiar and secure payment methods abroad, while enabling merchants, particularly small businesses, to connect with them more easily.”

Featured image credit: Edited by Fintech News Hong Kong, based on image by Daniel Bernard via Unsplash

The post PayPay to Be Accepted at Over 2 Million Merchants in South Korea via Alipay+ appeared first on Fintech Hong Kong.

The company also plans to issue a Korean won-backed stablecoin once regulatory conditions in its home market permit.

This marks Toss’s first overseas expansion and a step towards entering digital currency markets as government support for stablecoins grows in South Korea.

Toss, operated by Viva Republica, is entering the Australian market with the aim of creating a unified financial platform.

Chief Executive Lee Seung-gun confirmed the company’s plans in an interview with Reuters, stating,

“We proved in Korea that a startup can compete head-on with entrenched players.”

Toss intends to offer a single digital application through which users can manage various financial tasks.

The company has already established a unit in Australia and is preparing to launch initial services such as peer-to-peer transfers by year-end.

Toss will enter a market where the average Australian holds around 2.4 bank accounts, suggesting demand for tools that help users consolidate account management.

Toss views Australia’s open banking rules as providing a favourable environment.

Under the Consumer Data Right (CDR), banks are required to share customer data with approved third parties, enabling fintech companies to develop applications that integrate multiple accounts.

Australia’s New Payments Platform (NPP), which supports instant transfers and request-to-pay functions, is also expected to be central to Toss’s service model.

Alongside its overseas move, Toss is preparing to issue a Korean won-denominated stablecoin, though only once regulators give approval.

Lee said,

“We will issue and distribute won-based stablecoin, that I can say for sure.”

The firm has begun discussions with regulatory bodies on how and when such a launch might proceed.

South Korea’s Financial Services Commission announced in August that it intends to introduce a regulatory framework for stablecoins by October, potentially allowing local firms to begin developing and issuing won-backed digital assets.

Toss is not alone in this effort; institutions including Kakao Bank and Kookmin Bank have shown interest through trademark filings.

The initiative comes amid growing institutional demand for digital assets in South Korea.

In July, shares in major banks rose following disclosures of stablecoin-related trademark applications, coinciding with policy proposals from President Lee Jae-myung, who has pledged a more crypto-friendly stance, including support for a won-backed stablecoin.

Since launching in 2015, Toss has gained more than 30 million users in South Korea with services spanning payments, credit scoring, loans and insurance.

Many of these features are expected to be introduced to overseas markets, starting with Australia.

The Australian launch will act as a test case for the firm’s wider global plans, which may include both financial services and stablecoin offerings once regulatory conditions are met.

Featured image credit: Toss

This article first appeared on Fintech News Singapore

The post Toss to Launch Finance Super-App in Australia, Plans Won-Based Stablecoin appeared first on Fintech Hong Kong.

The scheme, rolled out in November 2024, shifts emphasis away from academic credentials and residency requirements, focusing instead on innovation and business feasibility.

Unlike the existing Technology and Business Startup Visa (D-8-4), the Special Visa is evaluated on the strength of a founder’s business plan, the capability of their team, and the potential fit within the Korean market.

Applicants who pass the review process receive a recommendation letter from the Ministry of SMEs and Startups (MSS), which serves as the basis for applying at immigration offices or overseas embassies.

The application process begins with an online submission of a business plan and supporting documents. Eligible applicants are shortlisted for a pitch presentation, after which successful candidates receive a recommendation letter valid for six months.

During this period, they must incorporate their company in Korea, according to Korea Tech Desk.

Applications can be made from abroad, allowing entrepreneurs to secure their visa before relocation.

In August 2025, the programme was expanded to decentralise access.

From September onwards, local governments and accredited accelerators, in addition to the MSS, are authorised to issue recommendation letters.

Dedicated managers have also been introduced to connect foreign founders with investors and corporate partners.

A foreign founders’ community and a Global Venture Forum are currently being developed to support integration into Korea’s startup ecosystem.

The initiative aims to broaden access for early-stage innovators while aligning with strategic national priorities in areas such as AI, semiconductors, medtech, renewable energy, and cybersecurity.

While lowering entry barriers, the programme maintains rigorous standards, with immigration authorities retaining final approval and monthly rolling reviews determining selection.

By creating a merit-based route into the startup ecosystem, the Startup Korea Special Visa forms part of South Korea’s broader ambition to attract global talent and encourage the development of internationally competitive startups.

International founders can apply for the Startup Korea Special Visa (D-8-4S) through the official K-Startup Portal.

Featured image credit: Edited by Fintech News Hong Kong, based on image by Daniel Bernard via Unsplash

The post South Korea Launches Special Visa for Global Startup Founders appeared first on Fintech Hong Kong.

The new capital will be used to develop its next generation Solar language model, advance its document AI products, and support market expansion in Asia Pacific and the US.

The funding will also strengthen research and development to improve Solar’s capabilities and broaden enterprise applications, including document parsing, automated task execution and workflow management.

Upstage recently entered a strategic collaboration with Amazon Web Services (AWS), designating AWS as its preferred cloud provider.

The partnership involves building and deploying foundation models using AWS infrastructure, such as SageMaker and AWS Trainium and Inferentia chips.

Upstage is targeting inefficiencies in industries such as insurance, where claims adjudication costs in the US reached US$25.7 billion, with US$18 billion linked to overturned denials and unnecessary review cycles.

Many of these issues stem from manual processes and outdated systems.

Insurance is the company’s first global vertical, focusing on areas such as claims processing and broker submissions.

Central to this strategy is the Document Intelligence suite, which includes Document Parse, designed to transform unstructured documents into structured formats for large language models, and Information Extract, which identifies key data points from text.

The platform processes a wide range of documents with reported accuracy above 95%, reducing manual input, processing times and enabling more automated decisions.

Unlike conventional optical character recognition tools that only extract static fields, Upstage’s approach interprets documents in context, considering layout and meaning to deliver structured outputs suitable for operational use.

“This is a pivotal moment not just for Upstage, but for the future of generative AI in the enterprise,”

said Sung Kim, Co-Founder and Chief Executive of Upstage.

“The next phase of AI is about performance, precision, and readiness for real world complexity. That is exactly what we have built with our suite. Our collaboration with AWS brings scale, credibility, and deep technical alignment, all critical as we deliver production ready AI from day one in high stakes sectors like commercial and public sector insurance.”

Upstage’s Solar LLM, a family of proprietary small language models trained with Amazon SageMaker and available in the Amazon Bedrock Marketplace, underpins its wider generative AI platform.

The company also offers its Universal Information Extractor through the AWS AI Agents and Tools Marketplace.

Its models are already in use by Fortune 500 companies such as Samsung and are widely adopted by Korean insurance firms, as well as public sector and government institutions.

The new funding will also support recruitment in sales and marketing and international growth.

Upstage was recently named to the CB Insights AI 100 list, selected from thousands of global applicants.

The bridge round follows its US$72 million Series B announced in 2024, which was led by Korean investors including SK Networks and Shinhan Venture Investment.

Featured image credit: Upstage

The post Korea Development Bank Leads $45M Bridge Round For Upstage appeared first on Fintech Hong Kong.

As reported by Reuters, the valuation could rise to over US$15 billion if market conditions are favourable.

One source added that the offering could raise between US$2 billion and US$3 billion, potentially making it the largest US IPO by a South Korean company since Coupang’s US$4.6 billion debut in 2021.

Toss offers a wide range of services, including banking, payments, insurance, stock trading, and tax reporting.

As of December, the platform had over 24 million monthly active users, nearly half of South Korea’s population, and more than 100,000 business customers.

While currently focused on the South Korean market, Toss has ambitions to go global.

In March, it announced a goal of having international users make up half of its total user base within five years.

A source said the company plans to use proceeds from the IPO to support this global expansion.

Toss reportedly began inviting investment banks to pitch for IPO roles late last year and is expected to issue mandates in the coming weeks.

All sources requested anonymity due to the confidential nature of the plans. Toss declined to comment.

US listings by South Korean companies remain rare, with only a few in the past five years.

One source noted Toss favours a US debut for better access to a larger investor base familiar with tech companies.

Toss reported 1.96 trillion won (approximately US$1.9 billion) in revenue for 2023 and logged its first-ever operating profit of 90.7 billion won.

To date, it has raised over 1.6 trillion won from investors including Altos Ventures, Goodwater Capital, Singapore’s GIC, Korea Development Bank, and HSG (formerly Sequoia Capital China).

Featured image credit: Edited by Fintech News Hong Kong, based on image by h9images via Freepik

The post Toss Targets Over $10B Valuation in Planned 2026 US IPO appeared first on Fintech Hong Kong.