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Finance

Simple payments expand acceptance as night stock trading ramps up

South Korea\'s simple payment companies are expanding where their services can be used by linking existing networks and supplying payment infrastructure to new sectors. Banks and internet-only lenders are also widening mobile lending and alternative credit offerings. Regulators and the government are moving on youth savings, transport fare support and payment security checks. After-hours trading has extended KOSPI and KOSDAQ hours to 8 p.m., while debate continues over digital asset taxation and related infrastructure.

Finance

KakaoPay, SBI Savings Bank and KCB expand inclusive finance with alternative credit scoring

KakaoPay will work with SBI Savings Bank and Korea Credit Bureau (KCB) to develop and run financial products for mid-to-low credit borrowers and people with limited credit histories using the alternative credit scoring model KakaoPay Score. SBI Savings Bank will incorporate the score into its lending review strategy and process. KakaoPay will handle product brokerage and customer contact through its platform, while KCB will provide analysis and consulting to upgrade the model.

Finance

Finda stability loans top 16 billion won, 95 percent go to mid-low credit borrowers

Finda said cumulative disbursements of its mid-rate stability loan exceeded 16 billion won about two months after launch. The company said about 95 percent of the total amount was provided to users with credit scores in the 500 to 700 range. Daily loan applications rose 11 percent in August from the prior month and increased a further 31 percent in September. September disbursements rose 21 percent from August.