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Finance

Digital asset cross-industry ties spread as top 4 financial groups post 11 trillion won profit era

Big Tech, financial firms and payment companies in South Korea are widening digital-asset initiatives by teaming up with global blockchain companies. Kakao Group and Toss and Toss Bank are working with Circle to review stablecoin-based payment and settlement infrastructure and tokenised financial services. Banks are developing cross-border remittance and payment models. Separately, the top four financial holding groups posted combined first-half net profit above 11 trillion won, while regulators step up group-level oversight of fintech expansion.

Finance

Small business credit scores to factor in sales, trading areas; 16 banks to apply 2.2 trillion won

A new credit scoring system for small business loan screening will start operating from late August, evaluating future growth potential using data such as sales, local trading areas, employment and online activity in addition to the owner’s past financial history. The scope will expand from 7 banks and 1.8 trillion won to 16 banks and 2.2 trillion won. Authorities also plan to use the model for a dedicated loan product and future guarantee reviews.

Finance

Hana Bank contributes 5.5 billion won to Incheon credit guarantee foundation to expand loans for small merchants

Hana Bank will make a special contribution of 5.5 billion won to the Incheon Credit Guarantee Foundation to support 84 billion won in guaranteed loans for small merchants. The bank said it signed an agreement with the foundation and visited Sinpo International Market and the Namdong National Industrial Complex. It will add 2.0 billion won in the second half after contributing 3.5 billion won in the first half.