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Finance

Household loan cap raised to 3 percent; scraping to be phased down

South Korea’s financial authorities loosened parts of their household loan management stance by raising this year’s lending growth target to 3 percent from 1.5 percent and planning 47.8 trillion won-plus in housing supply finance support. The move is expected to expand banks’ annual capacity for household loans to around 60 trillion won. Authorities also agreed not to block scraping all at once, opting to phase it down while preparing alternatives such as public MyData.

Finance

Fintech posts record results as payment touchpoints expand, signs of loan curb easing

Major fintech firms posted strong first-half results as growth in payments and financial services lifted revenue and profit, with overseas payments and new businesses also expanding. Payment companies are widening links into daily life through merchants, local currencies and transport, while firms bundle payments with other services. As businesses grow, demands for soundness management rise. Separately, there are signs of partial adjustments to loan regulations, while bank lending volume controls continue.

People

Hana Financial to deliver about 1,300 heatwave \'happiness boxes\' to vulnerable groups

Hana Financial Group will deliver about 1,300 “heatwave happiness boxes” to communities nationwide for people vulnerable to extreme heat. The group said it will start with a counselling center in an Incheon jjokbang area and distribute the boxes sequentially. The boxes are designed to help older people and other vulnerable groups get through summer and include cooling bedding, a stand fan, cooling T-shirts, arm sleeves, hydration and electrolyte jelly, samgyetang and instant rice.