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Finance

November COFIX up 0.24 point; mortgage variable rates to rise again

South Korea’s COFIX funding cost index, used as a benchmark for banks’ floating-rate mortgage loans, rose for a third consecutive month. The Korea Federation of Banks said the November COFIX based on new loans came in at 2.81 percent, up 0.24 percentage point from October. The balance-based COFIX slipped 0.01 point to 2.83 percent. Banks are set to reflect the new rate in new mortgage loans as early as Dec. 16.

Finance

Woori Financial to support SGI Seoul Guarantee communication culture with Thank You Token

Woori Financial Group said it has formed a partnership with SGI Seoul Guarantee to introduce and operate its Thank You Token platform. The company-developed communication tool lets members freely exchange messages of thanks, praise and encouragement. SGI Seoul Guarantee will operate the platform under the brand name Gamsa Kong to match its organisational culture direction. Woori Financial said it will support SGI’s early settlement based on its accumulated operating experience.

Finance

U.S. retail industry grows more dependent on buy now, pay later

U.S. retailers are increasingly relying on buy now, pay later (BNPL) payment options amid high interest rates and concerns about weaker consumer spending. Forbes reported that merchants adopting PayPal’s BNPL saw average order values rise 91 percent. Competition is expanding among major BNPL providers and card issuers. Regulators and credit agencies are also stepping up scrutiny as usage concentrates among financially vulnerable consumers and delinquency concerns grow.