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Finance

Loan shutdown leaves homebuyers short of balance payment; Lee says transitional measures needed

South Korean President Lee Jae-myung signalled the need for transitional measures after tighter controls on total household lending disrupted funding for balance payments by people who already signed home contracts. Speaking at a public forum on real estate policy, Lee responded to a participant who said reduced loan limits prevented a balance-payment loan for an apartment bought for owner-occupation. The Financial Services Commission chairman said authorities would consult banks to prevent excessive loan tightening.

Finance

Banks to ease conditions for discounted loan rates, recognise debit card spending the same

South Korea\'s Financial Supervisory Service said on Tuesday it will work with banks to improve how card spending is calculated for loan rate discounts and to narrow excluded items. Banks will provide clearer guidance in loan contracts and on digital channels, and notify long-term borrowers at least once a year. Exclusions will be cut to about 0 to 1 item per bank. Debit and credit card spending will be treated the same, and instalment payments will be counted monthly over the instalment period.

Finance

WebCash joins IBK Industrial Bank of Korea digital platform and AI banking build

WebCash has won an 8.72 billion won project to revamp IBK Industrial Bank of Korea\'s digital banking, building a digital platform, global banking and AI-based services with LG CNS and Finger. The company said it signed a supply contract with IBK System for the first phase of the IBK digital banking rebuilding project. The work is the first step in a three-stage roadmap and aims to lay a foundation for expanding services and follow-up platform construction.