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Finance

KakaoBank launches third \'Relief Account\' with Seoul Credit Guarantee Foundation

KakaoBank said on Wednesday it will begin the third phase of its \'Relief Account\' programme with the Seoul Credit Guarantee Foundation from March 19. The product is a non-face-to-face guaranteed loan in the form of an overdraft-style credit line. The third phase is set to supply an additional 200 billion won in loans to 20,000 sole proprietors, with eligibility based on credit score and sales criteria and a 10 million won loan limit.

Finance

Banks roll out livelihood accounts to block seizures, protect 2.5 million won

South Korea\'s banking sector is rolling out dedicated livelihood accounts designed to protect minimum living funds from seizure and provisional seizure. The protected limit rises to 2.5 million won a month from 1.85 million won under a revised enforcement decree of the Civil Execution Act. Major commercial banks introduced products with fee waivers and online sign-ups, while a savings bank launched a demand deposit account offering protection and interest benefits.