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Finance
Banks\' delivery apps and budget mobile services emerge as data for inclusive finance credit scoring
Banks\' non-financial businesses such as delivery apps and budget mobile services are drawing attention as infrastructure for alternative credit scoring to support inclusive finance. The push reflects growing demand to assess small merchants, young workers and freelancers who lack sufficient financial transaction history. Shinhan Financial Group, KB Kookmin Bank and others are applying non-financial data such as orders, sales flows and telecom bill payments to broaden lending, while financial authorities discuss reforms to expand alternative credit evaluation.
Finance
Shinhan Financial to write off 500 billion won in delinquent debt, expand inclusive finance to 4.5 trillion won
Shinhan Financial Group plans an inclusive finance project worth 5 trillion won, including the write-off of 500 billion won in long-term delinquent debt to support vulnerable borrowers\' recovery. It will also expand inclusive financing for low-income people and small businesses to 4.5 trillion won by bringing forward next year\'s plan. Shinhan will restrict extensions of statutes of limitation on debt and broaden products and credit assessment models to support mid-to-low credit borrowers.
Finance
Jeju Bank joins pilot AI-based credit scoring model for small merchants
Jeju Bank said on April 14 it will take part in a Financial Services Commission pilot programme for an AI-based credit scoring model tailored to small merchants. It said it is the only regional bank among seven participating lenders. The commission plans to complete rule changes and system development by August and begin SCB-based loan screening with pilot operators, with plans to expand participation across the financial sector.
