Naver Pay said on Tuesday it has opened a credit loan refinancing service for sole proprietors. The service automatically retrieves business type and income information from the National Tax Service via the Naver Certificate, without separate input, and can also check existing loan details through the Korea Financial Telecommunications and Clearings Institute system. After users make a final selection on Npay, subsequent procedures are handled by the relevant financial company.

The heads of South Korea’s three internet-only banks are set to win new terms, with K Bank and Toss Bank naming sole CEO candidates and KakaoBank already reappointing its chief for a fifth term. The banks cite achievements including an IPO, profitability gains and platform expansion. They now face a tougher environment as regulators push higher lending to mid- to low-credit borrowers and as delinquency metrics run about double those of the four major banks.