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Finance

MOIS to provide online household move-in data to Toss Bank, first for internet-only banks

South Korea\'s Ministry of the Interior and Safety will provide Toss Bank with online access to household move-in data from Sept. 17, the first such link-up for an internet-only bank. The data will allow the bank to check required information in real time during reviews for rental deposit loans without customers submitting separate documents. The ministry expects the online link to cut review times from 5 days to 4 days or more and help prevent real estate loan fraud.

Finance

KB Financial generational shift puts bank CEO appointments in focus

A long-standing expectation of CEO reappointment in South Korea’s financial sector is being tested after KB Financial Group chose Lee Jae-geun as its next chairman instead of reappointing Yang Jong-hee. Attention is turning to Sh Suhyup Bank’s selection of its next chief executive, with a final candidate due on Sept. 22. Major bank CEO terms also end on Dec. 31, while the Financial Supervisory Service plans tighter checks of succession processes.

Finance

Small business sales up 4.5 percent but margins fall for second straight quarter; delinquencies rise

South Korean small business sales rose 4.53 percent in the second quarter from a year earlier, but profit margins fell for a second straight quarter as expenses increased faster, a report by Korea Credit Data showed. Average revenue per business was 47.11 million won, while average spending rose 5.83 percent to 35.22 million won. Delinquent amounts on sole proprietors’ loans rose 4.3 percent from the previous quarter to 15.2 trillion won.