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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.

Crypto

Hashdex ETF introduces staking rewards, investors paid only above threshold

Asset manager Hashdex has introduced a staking structure for the Nasdaq CME Crypto Index ETF, NCIQ, under which the firm keeps all net staking income up to a threshold. Investors in the fund’s common shares receive a share only once annual net staking income exceeds a dollar amount equal to 0.25 percent of common-share net asset value. Above that level, income is split 40 percent to Hashdex and 60 percent to the trust for common shareholders.

Industry

Woori Bank, industry ministry seek 8th cohort for Rising Leaders 300 programme

Woori Bank and the Ministry of Trade, Industry and Energy will recruit companies for the eighth cohort of the Rising Leaders 300 programme until Aug. 14, the bank said on July 27. The programme selects mid-sized firms and candidates with technology and growth potential to provide financial and non-financial services. Selected firms can receive loans of up to 30 billion won each and an interest-rate discount of up to 1.0 percentage point in the first year.