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Finance

Household loan cap raised to 3 percent; scraping to be phased down

South Korea’s financial authorities loosened parts of their household loan management stance by raising this year’s lending growth target to 3 percent from 1.5 percent and planning 47.8 trillion won-plus in housing supply finance support. The move is expected to expand banks’ annual capacity for household loans to around 60 trillion won. Authorities also agreed not to block scraping all at once, opting to phase it down while preparing alternatives such as public MyData.

Finance

Hana Bank teams up with Korea Association of Certified Tax Accountants to promote testamentary trusts and guardian system

Hana Bank will expand wealth management services linking testamentary trusts with the guardian system through a partnership with the Korea Association of Certified Tax Accountants. The bank said it signed a business agreement on Aug. 13 at its Euljiro headquarters to promote the use of testamentary trusts and the guardian system. Hana Bank will provide education, tailored consulting and counselling on trust-related financial services for association members.

Crypto

Bitcoin drops toward $62,000 after Trump comments on Hormuz Strait

Bitcoin moved into a defence phase around $62,000 as risk assets weakened amid rising U.S.-Iran tensions. It fell further around the U.S. stock market open, Cointelegraph reported. Market anxiety grew after U.S. President Donald Trump said in a Fox News interview that the United States would directly operate the Strait of Hormuz, after Iran closed it over the weekend. Analysts cited growing short positions and warned $60,000 could come back into view.