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Finance

Lawmakers urge loan rule and simple payment changes as bank concentration deepens

South Korea\'s parliamentary audit raised concerns that funds are increasingly concentrating in banks while savings banks and mutual finance institutions shrink. Lawmakers also questioned the legal basis and procedures for the financial authorities\' household loan volume controls, calling them de facto mandatory rules. Separate inquiries focused on payment inconveniences for foreign tourists, Apple Pay fees and infrastructure costs, and limits on using iPhone NFC for local simple payment services. Authorities said they would review improvements.

Finance

Financial sector hacking spreads, delays gain support for digital asset tax postponement

A string of hacking incidents in South Korea’s financial sector has led to confirmed personal data leaks at savings banks and mutual finance groups, prompting authorities to step up inspections and security requirements. Banks are moving to raise cybersecurity spending and expand fraud prevention systems using AI. Market volatility and a steep stock selloff also drew a policy response. Political debate intensified over postponing digital asset taxation and regulating exchange shareholders.

Finance

September household loans fall 2.2 trillion won, first net drop this year

Household loans across South Korea’s financial sector fell 2.2 trillion won in September from a month earlier, the first net decline this year, as other loans including credit loans dropped sharply while mortgage loan growth slowed. The Financial Services Commission said mortgage loans still rose 3.3 trillion won, and authorities will maintain a household debt management stance through year-end. Measures also include changes to Bogeumjari Loan income rules and expanded youth jeonse loan guarantees.