Finance

Bank of Korea governor Shin Hyun-song says rate hikes needed before it is too late

Bank of Korea Governor Shin Hyun-song said there is a need to raise the policy interest rate before it is too late, stressing a focus on price stability. He said growth has strengthened on the back of solid semiconductor exports driven by the global spread of AI, but inflation burdens are rising. He also cited risks from the housing market, household debt and leveraged investing.

Finance

Shinhan Bank tightens credit loan controls, limits non-face-to-face applications

Shinhan Bank will tighten management of credit loans in response to rising household debt. It will temporarily adjust the volume of non-face-to-face credit loan applications, limiting such requests when combined daily face-to-face and non-face-to-face intake exceeds internal standards. Support products for financially vulnerable groups will be excluded. The bank will also strengthen overdraft limit management, cutting limits by up to 20 percent at renewal for certain low-utilisation accounts.