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Finance

Small business credit scores to factor in sales, trading areas; 16 banks to apply 2.2 trillion won

A new credit scoring system for small business loan screening will start operating from late August, evaluating future growth potential using data such as sales, local trading areas, employment and online activity in addition to the owner’s past financial history. The scope will expand from 7 banks and 1.8 trillion won to 16 banks and 2.2 trillion won. Authorities also plan to use the model for a dedicated loan product and future guarantee reviews.

Industry

MSIT launches Chungcheong information security cluster to grow regional security industry

South Korea\'s Ministry of Science and ICT and the Korea Internet & Security Agency on July 27 held an opening ceremony in Sejong for the Chungcheong Information Security Cluster. The cluster is designed to help spread information security firms, talent and infrastructure beyond the Seoul area and support co-growth with regional strategic industries. It provides office space, a security testbed and a cyber training facility, and will be linked to local industries such as smart cities, smart defense, converged bio and mobility.

Finance

BNK Financial reviews second-half economic outlook, seeks marine industry-focused finance

BNK Financial Group reviewed its outlook for the economy and foreign exchange markets in the second half and discussed the role of financial firms in revitalising the regional economy and marine finance. The group held its BNK Future Vision Forum in Busan with about 100 executives and department heads from affiliates. Presentations covered the FX market outlook, key market variables and the role of finance in regional growth. A former oceans minister urged expanding marine industry-focused finance.