South Korea's integrated financial regulator, the Financial Supervisory Service, approved Shinhan Financial Group (KRX:055550) subsidiary Shinhan Card's request to offer Apple Pay.
This approval makes Shinhan Card the second major card issuer in the country, after Hyundai Motor (KRX:005380) subsidiary Hyundai Card, to adopt the service, Pulse News reported Wednesday.
KB Financial Group's (KRX:105560) KB Kookmin Card is also awaiting regulatory approval, amid the increasing demand from iPhone users in their 20s and 30s. While Apple Pay's rollout is increasing, concerns linger over potential fee-driven cuts to consumer benefits.
Shares of Shinhan Financial Group fell more than 1% while those of Hyundai Motor added nearly 2% at market close on Thursday. Shares of KB Financial Group declined by over 1%.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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