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Finance

Internet-only banks to expand in-person services, allowing debt restructuring and corporate loan screening

South Korea will partly expand the scope of in-person services allowed for internet-only banks while keeping the principle of non-face-to-face operations. The Financial Services Commission approved measures to allow exceptions for consumer protection and inclusive finance, including debt restructuring support, corporate loan screening interviews, and checks for forged documents. It also allowed in-person verification tied to mortgage and jeonse loans, collateral inspections and certain administrative limits. The three internet-only banks must report plans in advance.

Finance

BNK Financial forms 50 billion won productive finance strategic fund

BNK Financial Group is launching productive finance investment to foster strategic industries in South Korea’s Southeast region and nurture local innovative companies. The group said it has completed the formation of the 50 billion won BNK Productive Finance Strategic Fund and will begin full-scale investment. The fund aligns with Chairman Bin Dae-in’s second-term management direction and serves as a group-level investment platform.

Finance

KB Financial expands solidarity finance to support growth of social enterprises

KB Financial Group is expanding support for the growth of social enterprises through solidarity finance, it said on Tuesday. It highlighted the KB Social Investment Fund, formed in 2018, as a key vehicle. The fund totals 232.6 billion won and has invested a cumulative 188.5 billion won in 148 companies. KB Financial is also increasing support for regional solidarity economy firms and social ventures, including a 3 billion won commitment to the Co-Prosperity Cooperation Fund.