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Finance

Banks\' delivery apps and budget mobile services emerge as data for inclusive finance credit scoring

Banks\' non-financial businesses such as delivery apps and budget mobile services are drawing attention as infrastructure for alternative credit scoring to support inclusive finance. The push reflects growing demand to assess small merchants, young workers and freelancers who lack sufficient financial transaction history. Shinhan Financial Group, KB Kookmin Bank and others are applying non-financial data such as orders, sales flows and telecom bill payments to broaden lending, while financial authorities discuss reforms to expand alternative credit evaluation.

Crypto

Stablecoin land grab intensifies as banks and fintech form alliances

South Korea\'s finance and fintech sectors are stepping up competition to pre-empt the stablecoin market even as legislation remains stalled in parliament. Banks are moving to secure issuance rights through consortia and technology partners, while fintech firms and exchanges focus on controlling mainnets and payment networks. Global players are also positioning in networks and settlement infrastructure. The article says the battle for won and dollar stablecoin leadership is already under way.

Games & Commerce

Delivery apps\' monthly payments top 3 trillion won as users and spending rise

Estimated payments at South Korea’s four major delivery platforms totalled 3.03 trillion won last month, up 10 percent from a year earlier, a Wiseapp-Retail survey of credit and debit card spending showed. The number of Koreans who paid on delivery platforms rose 7 percent to 24.85 million. Average payment per person increased 3 percent to 122,349 won, while average transactions per person rose to 5.4 from 5.