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Finance

Household loan cap raised to 3 percent; scraping to be phased down

South Korea’s financial authorities loosened parts of their household loan management stance by raising this year’s lending growth target to 3 percent from 1.5 percent and planning 47.8 trillion won-plus in housing supply finance support. The move is expected to expand banks’ annual capacity for household loans to around 60 trillion won. Authorities also agreed not to block scraping all at once, opting to phase it down while preparing alternatives such as public MyData.

Finance

Naver Pay to work with KEPCO to digitise electricity bill billing and collection

Naver Pay (Npay) will work with Korea Electric Power Corp to digitise electricity bill billing and payment procedures. Starting toward the end of this year, users are expected to be able to check electricity bill statements in the Naver mobile app and pay immediately using Npay. The companies will cooperate on sending electronic statements via Naver e-Documents, building an Npay-based collection system, and related marketing and promotion.

AI & Enterprise

Groundbreaking held for national AI computing center in Haenam, aims for 2028 completion

South Korea has broken ground on its national AI computing center in Solarsido, Haenam, and begun full-scale construction, the Ministry of Science and ICT said on Sunday. The project will be built as a public-private joint venture combining public investment with private capital and data center operating capabilities. A Samsung SDS-led consortium was selected as the final operator and established a joint venture, KOACC. Some computing resources will be deployed next year ahead of completion in 2028.