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Finance

Inclusive finance pressure mounts, raising tensions in South Korean banks

Pressure from the government to expand inclusive finance is spreading across the financial sector, deepening banks’ 고민. Financial firms agreed to sell bonds held by a private bad bank after President Lee Jae-myung criticised long-term debt collection. Regulators plan to expand policy lending for lower-credit borrowers and launch an inclusive finance task force. Banks warn expanded lending could raise delinquency risks, increase provisions and add to losses tied to policy finance programmes.

Finance

President Lee slams \'predatory finance\' as banks move to offload Evergreen overdue debt

President Lee Jae-myung criticised the collection of long-overdue debt by private bad-loan processor Sangnoksu as “primitive predatory finance,” prompting financial firms to announce plans to sell the debt. Shareholder financial companies decided to sell long-delinquent receivables they hold to the Korea Asset Management Corp’s Saedo-yak fund. Shinhan Card announced a sale plan, while IBK Industrial Bank of Korea and KB Kookmin Bank also said they would proceed.

AI & Enterprise

Samsung SDS consortium selected as operator for national AI computing centre project

South Korea\'s Ministry of Science and ICT on May 11 finalised the Samsung SDS consortium as the private participant in a national AI computing centre construction project. The consortium includes Samsung SDS, Naver Cloud, Samsung C&T, Kakao, Samsung Electronics, Clush, KT, South Jeolla Province and Seonamhaean Enterprise City Development. The ministry signed agreements to confirm the operator and plan and to set up a special purpose company. Initial funding totals 400 billion won, with a longer-term buildout of 2.5 trillion won.