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Finance

Mandatory financial firms\' contributions to inclusive finance agency extended to 2036 after subcommittee approval

Mandatory contributions by financial companies to the Korea Inclusive Finance Agency are expected to be extended to 2036. A bill to push back by 10 years the sunset clause for the contribution scheme, which was set to expire on Oct. 8, passed a legislative subcommittee of the National Assembly’s Political Affairs Committee. The proposal would keep the obligation in force through 2036 if it wins final approval.

Finance

FSC sets 9.24 trillion won budget for 2027, focusing on national growth fund and financial support for low-income people

South Korea\'s Financial Services Commission set its 2027 general-account spending budget at 9.24 trillion won, up 98.7 percent from this year. It said the plan focuses on boosting future growth, stabilising livelihoods for low-income people and supporting youth asset building. It allocated 1 trillion won to a National Growth Fund and set 1.08 trillion won for livelihood-related programmes, including policy lending. It also earmarked 2.09 trillion won for youth asset-building support.

Finance

Race to pre-empt won stablecoin as third financial hub nears

South Korea\'s financial authorities raised their target for household loan growth this year and NH Nonghyup Bank resumed variable-rate mortgage lending, drawing attention to whether mortgage hurdles will fall across the sector. COFIX rose for a fourth month, increasing borrowers\' interest burdens. Financial support for mid-to-low credit borrowers and small businesses is spreading, while the government and regulators advance plans tied to regional finance hubs and debate over a won stablecoin shifts toward payment, distribution and custody infrastructure.