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Finance

MG Community Credit Cooperatives Federation insurance data breach includes ID and account numbers

MG Community Credit Cooperatives Federation said some customers using its mutual insurance services had personal information leaked in a hacking incident. The leaked data included encrypted resident registration numbers, bank account numbers, contact details and balances, it said. The federation said it blocked the IP addresses used by the hacker and carried out additional checks and fixes to website vulnerabilities. It is notifying affected customers and will fully compensate any losses, it said.

Finance

MG Community Credit Cooperatives sell 3.48 trillion won in NPLs in H1, merge 21 units

MG Community Credit Cooperatives sold 3.48 trillion won worth of non-performing loans in the first half of this year and merged 21 member cooperatives as it accelerates efforts to improve asset quality. Of the total NPL sales, 3.19 trillion won was sold through MG Asset Management Co, a specialist manager launched in July last year. The delinquency ratio fell to 5.08 percent at end-2025 from 8.37 percent at end-June 2025.

Finance

Mutual finance faces PF curbs, calls to ease non-capital household loan rules

Mutual finance groups in South Korea are facing tighter rules on real estate project financing and broader asset-soundness requirements, forcing them to curb property-related lending and bolster capital. The financial authorities want the sector to strengthen its role in local and low-income finance, but the industry says stable earnings are needed to sustain such lending. It is calling for adjustments to household-loan regulations, particularly outside the capital region, to reflect differing regional conditions.