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Finance

FSC to increase support for small merchants by over 1.5 trillion won, ease financing barriers for startups

South Korea\'s financial authorities will expand the supply of the \"Small Merchants The Dream Package\" to more than 12 trillion won from 10.5 trillion won. They will also lower financing barriers for early-stage startups and abolish joint guarantees applied to P-CBO support for small and medium-sized firms. The Financial Services Commission discussed the measures at a policy finance meeting at IBK Industrial Bank of Korea and said it will announce detailed revisions to the package later this month.

Fintech

IBK Industrial Bank of Korea to provide 300 billion won in financing for early-stage startups

IBK Industrial Bank of Korea will provide 300 billion won in financial support for early-stage innovative startups in partnership with the Korea Credit Guarantee Fund. The bank will link support from an initial loan to follow-on funding depending on a company’s growth stage. It will offer interest-rate reductions of up to 1.2 percentage points for initial support and up to 1.5 percentage points for follow-on support.

Finance

Productive finance plan expanded to 1,560 trillion won; FSC to prepare additional liability exemption measures

South Korea\'s government and financial sector will expand their productive finance supply plan for the next five years to 1,560 trillion won, up 310 trillion won from 1,250 trillion won. The Financial Services Commission also plans additional liability exemption measures to support more active investment and lending by financial companies. Officials discussed implementation and management steps at a meeting in Seoul led by Vice Chairman Kwon Dae-young.