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Finance

6 online lending firms call for standards for big conglomerate and large platform entry

Six online investment-linked lending firms that participate in financial institution-linked investments said separate standards are needed as major conglomerates and large financial platforms and institutions prepare to enter the sector. They said conflicts of interest and distorted competition could arise, especially if a powerful group runs both loan comparison and brokerage services and online lending. They also said current caps and approval procedures limit new funding, risking intensified competition for limited resources.

Finance

Toss, PFCT team up to advance alternative credit scoring for lenders\' loan screening

Viva Republica, operator of Toss, will work with PFCT to develop lender-tailored credit scoring models using alternative credit information. The jointly developed models will be supplied to financial companies through PFCT’s lending tech solution and used in actual loan screening. Toss and PFCT said they signed a strategic memorandum of understanding to advance credit scoring models. Toss will provide data and consulting, while PFCT will apply and support the models via Airpack.

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.