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Finance

Banks vary in how they use SCB to assess small business loans

South Korean banks have begun piloting Small Business-specialised Credit Evaluation (SCB), which adds business growth potential such as sales, industry and commercial area to traditional credit assessment. Banks are using SCB in different ways, including overriding internal grades to improve approval odds and offering higher loan limits or broader support. A high SCB grade does not guarantee approval if other risk factors exist. Regulators allow use for approvals, limits and rates, while standards vary by bank.

Finance

Banks launch pilot credit evaluation for small merchants, offering preferential loan limits and rates

Small merchants with strong future growth potential will be able to receive preferential treatment in bank loan screening, including loan limits and interest rates. The Financial Services Commission said on Sept. 2 that eight banks began a pilot programme on Aug. 31 for a small-merchant specialised credit evaluation model, or SCB. The AI-based approach uses non-financial data to assess growth potential.

Finance

Dailypay builds R-SDB real-time data repository for small merchants

Dailypay has built a real-time big data repository to collect and manage business data for small merchants and self-employed people. The company said it integrated data from online and offline businesses as well as POS and VAN data into R-SDB. It linked APIs from financial institutions and platforms and combined OCR and large language models to structure documents and normalize data. The company said it has processed more than 100 million records and reduced analysis and screening time.