00:03Korea's banks just agreed to consolidate identity verification into one shared service.
00:09HANA Financial Group and SK Telecom-backed BitGo is entering Korea's crypto custody market.
00:17A new interview warns that 90% of regular deposits are now corporate cash
00:22and bank funding costs could keep climbing.
00:25Meanwhile, Eggsemal Gungo plans to merge 30 branches in the second half.
00:31And financial regulators are burning half their inspection staff's time just commuting to Seoul.
00:38It's Friday, August 21. Let's break down what's happening in Korea's financial sector.
00:45Korea's commercial banks launched a joint authentication service called NAIM this week,
00:50letting customers use a single verified credential across six major banks instead of managing separate logins.
00:58Separately, BitGo Korea, backed by HANA Financial Group and SK Telecom,
01:03is moving into the domestic crypto custody market as digital asset oversight matures.
01:08Both developments arrive alongside warnings that bank funding costs may keep rising,
01:15since roughly 90% of new time deposits are now corporate cash rather than retail savings.
01:21Here's what the numbers show.
01:24Six major Korean banks launched the shared NAIM authentication service this week,
01:30letting customers use one verified ID across all participating banks.
01:35The move follows years of fragmented bank-specific certificates and simplifies cross-bank digital identity checks.
01:44BitGo Korea, backed by HANA Financial Group and SK Telecom,
01:48entered the domestic crypto custody market this week.
01:52About 90% of new regular time deposits are now corporate funds rather than retail savings,
01:58according to a banking sector interview published this week.
02:02That shift pushes up banks' funding costs since corporate deposits are typically larger,
02:08more rate-sensitive, and quicker to move than retail savings.
02:13MG Saemal Gumgo plans to merge 30 branches in the second half of 2026 as part of its restructuring push.
02:21So what does this mean for compliance teams tracking Korea?
02:25Earlier, we said both moves point to how Korean finance is bracing for higher costs and new competition.
02:33Here's what that actually means for you.
02:36Shared authentication and crypto custody entry both signal banks racing to control new revenue
02:42and compliance infrastructure before non-bank players do.
02:45For compliance teams tracking Korea, the corporate heavy deposit base is the funding cost risk to watch,
02:53while the Saemal Gumgo mergers and FSS relocation issues point to slower structural strain elsewhere in the system.
03:00That's today's AI Prism, Finance Daily.
03:05This episode was produced with AI assistance based on Seoul Economic Daily reporting and reviewed by a human editor.
03:13AI Prism is a Juan Ifra award-winning series.
03:17We'll be back tomorrow.
03:18Infance Daily.
03:19B
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