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Finance

Small business loan barriers may ease as lenders weigh growth over credit history

South Korea plans to let small business owners with limited credit histories seek bank loans using AI-based credit assessments built on non-financial data such as sales, business type and trade area conditions. The Financial Services Commission unveiled a small business-focused credit assessment system that grades growth prospects in 10 tiers and can lift existing credit ratings. Seven banks will pilot it from August in loan screening worth about 1.8 trillion won, with expansion planned later.

Crypto

Hong Kong, Shanghai begin blockchain test for trade data

Hong Kong and Shanghai have begun working together to use blockchain technology to simplify trade finance and cargo document processing, Cointelegraph reported on Tuesday. The Hong Kong Monetary Authority, Shanghai Data Bureau and the National Technical Innovation Center for Blockchain signed a memorandum of understanding on trade digitalisation. The cooperation, part of Project Ensemble launched in 2024, focuses on studying a blockchain-based platform linking trade data, electronic bills of lading and financial applications.