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Finance

Korea's three internet banks beat Q1 lending targets for mid-to-low credit borrowers

South Korea’s three internet-only banks expanded lending to mid-to-low credit borrowers in the first quarter, exceeding financial authorities’ targets. KakaoBank recorded a 32.3 percent share of outstanding loans and a 45.6 percent share of new lending to such borrowers. K Bank and Toss Bank also surpassed targets. The banks said many borrowers saw credit scores rise within a month of taking loans, supported by upgraded alternative credit scoring models.

Fintech

Shinhan Bank holds K-Global Leap Cooperation Forum to support firms entering U.S.

Shinhan Bank is stepping up support for small and midsized South Korean companies preparing to enter the U.S. market. It plans to provide practical information needed for local expansion, from setting up a corporation to tax and accounting and financial support, amid changes in the U.S. trade environment and accelerating restructuring of global supply chains. The bank held a conference in Seoul with the Ministry of SMEs and Startups and the Korea Chamber of Commerce and Industry.

Finance

KB Kookmin Bank signs deal with Samsung Fire to expand safety management services for SMEs

KB Kookmin Bank will work with Samsung Fire & Marine Insurance to expand safety management support for small and mid-sized companies and sole proprietors. The bank plans to provide an AI-based safety assessment service free of charge and link it to financial benefits such as preferential loan rates, aiming to strengthen firms' safety management capabilities and ease management burdens. Samsung Fire will offer free safety improvement reports from June, and the bank will expand financial support in the third quarter.