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Finance
Small business sales up 4.5 percent but margins fall for second straight quarter; delinquencies rise
South Korean small business sales rose 4.53 percent in the second quarter from a year earlier, but profit margins fell for a second straight quarter as expenses increased faster, a report by Korea Credit Data showed. Average revenue per business was 47.11 million won, while average spending rose 5.83 percent to 35.22 million won. Delinquent amounts on sole proprietors’ loans rose 4.3 percent from the previous quarter to 15.2 trillion won.
Fintech
MyData market to expand as fintech eyes AI loans and finance groups focus on data sharing
Korea’s Financial Services Commission plans to expand MyData beyond individuals to include sole proprietors and small merchants, and to introduce a “My AI Agent” that can carry out financial actions on users’ instructions. The overhaul would integrate financial, commercial and public data for sole proprietors, including sales and tax information. Fintech firms are looking at AI-driven loan execution, while financial groups are focusing on sharing personal credit data among affiliates under revised rules.
Finance
Four major financial groups\' Q1 results split as AI, digital finance spread
South Korea\'s financial sector has entered the first-quarter earnings season, with non-interest income and non-bank units driving diverging results among major financial holding companies. KB Financial Group, Shinhan Financial Group and Hana Financial Group posted record results, while Woori Financial Group recorded a decline. Strong stock markets lifted securities firms\' earnings, and new savings and investment products were launched. The industry is also accelerating a shift toward AI and digital finance, alongside calls for stronger controls and risk management.
