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Finance

Banks, fintech brace for battle over refinancing for sole proprietors

Competition is set to intensify in South Korea’s sole proprietor loan market as a refinancing service for sole proprietors’ unsecured business loans begins. The Financial Services Commission said the service allows borrowers to switch via smartphone to lower-rate loans for working capital of up to 1 billion won. Eighteen banks and five loan-comparison platforms including Naver Pay, Kakao Pay and Toss take part. Authorities expect lower costs for small merchants and stronger competition.

Crypto

Stablecoin issuance widened, but talks on Digital Assets Framework Act delayed again

South Korea's Democratic Party digital assets task force and the Financial Services Commission have drafted a compromise to widen the range of stablecoin issuers beyond banks to include fintech firms and allow central and local governments and public institutions to participate. But the Digital Assets Framework Act was excluded from the agenda of a March 19 party-government meeting, pushing back legislative discussion. Authorities remain cautious about corporate participation and investment use of stablecoins.

AI & Enterprise

When will Anthropic appoint head of Korea branch?

Anthropic Korea remains without a branch head eight months after its launch, despite earlier expectations that an appointment would be made late last year or early this year. The company said it is continuing the selection process but gave no details. Anthropic has hired staff focused on startup and developer communities, launched events and is recruiting for roles in Seoul. It is also discussing cooperation with the South Korean government.