Search results for Banking Act
Finance
Bank new loan interest burden to ease from July
Interest-rate burdens on new and renewed bank loans in South Korea will ease from July as revised banking regulations take effect. The changes prevent banks from factoring certain statutory costs into loan rates, including reserve requirements, deposit insurance premiums and contributions to the Korea Inclusive Finance Agency. Some guarantee fund contributions will also be restricted, and an education tax rate increase for financial and insurance firms cannot be passed on through loan rates.
Finance
KakaoBank cuts New Hope and Sunshine Loan rates to mid-4 percent range
KakaoBank will cut interest rates on policy-backed loans for low-income and financially vulnerable borrowers to ease interest burdens. It said the cuts take effect on May 15 for its New Hope Loan II and Sunshine Loan products. New Hope rates fall by 0.30 percentage points and Sunshine Loan rates by 0.75 percentage points. KakaoBank plans to offer both at minimum rates in the mid-4 percent range.
Crypto
Stablecoin land grab intensifies as banks and fintech form alliances
South Korea\'s finance and fintech sectors are stepping up competition to pre-empt the stablecoin market even as legislation remains stalled in parliament. Banks are moving to secure issuance rights through consortia and technology partners, while fintech firms and exchanges focus on controlling mainnets and payment networks. Global players are also positioning in networks and settlement infrastructure. The article says the battle for won and dollar stablecoin leadership is already under way.
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Finance
Korea Fintech Industry Association launches under Kim Jong-hyun amid regulatory risks
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Finance
Securities industry may hit brakes on digital asset business, watches regulatory variables
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Crypto
Can Democrats file digital assets framework act before Lunar New Year as dispute persists over 51 percent rule, stake cap