Shinhan Bank said on Thursday it will run an event through June 12 for users of its Shinhan SOL Bank app. Customers aged 19 or older can participate by viewing the “Precious Metals Investment Story” content on the app’s event page. All participants will receive 100 My Shinhan Points. The bank will also draw 20 winners to receive a 1-ounce silver coin.

Competition is set to intensify in South Korea’s sole proprietor loan market as a refinancing service for sole proprietors’ unsecured business loans begins. The Financial Services Commission said the service allows borrowers to switch via smartphone to lower-rate loans for working capital of up to 1 billion won. Eighteen banks and five loan-comparison platforms including Naver Pay, Kakao Pay and Toss take part. Authorities expect lower costs for small merchants and stronger competition.