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Finance

FSC cuts rate requirements for mid-interest loans by up to 1.25 points, expands supply

South Korea’s Financial Services Commission is moving to revamp rules to expand lending to mid-credit borrowers as the economic slowdown increases pressure on vulnerable borrowers. It plans to adjust supply criteria for the policy-backed Saitdol loan, cut insurance rates and expand supply. Support for low-credit borrowers will be strengthened separately through policy microfinance, including a rate cut for Haetsal loans. The FSC also plans to lower rate benchmarks for private mid-interest loans by up to 1.25 percentage points.

Finance

Welcome Savings Bank launches co-CEO system with Park Jong-sung and Son Dae-hee, two-track AI shift and IB strengthening

Welcome Savings Bank introduced a co-CEO system as it pursues an AI-driven shift in retail finance while strengthening corporate and investment banking. The bank said on March 31 its board appointed Welcome Savings Bank Vice President Park Jong-sung and Welcome F&D CEO Son Dae-hee as new co-chief executives. Park will oversee corporate and investment finance, while Son will lead strategy, support and retail finance, including an AI-based financial transformation.

Telecommunications & Media

Broadcast media watchdog elects Kim Woo-seok as standing member despite union opposition

The Broadcast Media Telecommunications Review Commission held a plenary meeting in Seoul on March 23 and elected commissioner Kim Woo-seok as a standing member. His election had failed once at an earlier meeting amid objections over his role in leading heavy sanctions on government-critical coverage under a former chief. Some members protested and a union branch urged him to resign. The commission has nine members and elects three standing members by vote for three-year terms.