Search results for bank household loans
Finance
Bank of Korea raises policy rate to 3.00 percent by 25 basis points on inflation, housing price risks
The Bank of Korea raised its policy interest rate by 25 basis points to 3.00 percent from 2.75 percent, citing stronger-than-expected growth supported by solid exports and a recovery in domestic demand. It said inflation pressures continue and financial imbalance risks have risen, including Seoul-area home prices and household debt. The central bank lifted its growth forecasts and kept open the possibility of further rate hikes.
Finance
Big Tech expands territory beyond payments into financial infrastructure
Fintech and Big Tech firms are expanding financial services beyond payments and transfers into identity verification, offline payments, venture capital and corporate finance. Toss, Kakao Pay and Naver Pay can use a government network to verify resident registration cards, strengthening non-face-to-face checks and fraud prevention. Naver Pay launched Npay Startup with the Financial Supervisory Service. Kakao Pay Securities secured an investment dealing licence. Financial groups are revamping second-half strategies as household lending rises and regulators review IT controls and network separation rules.
Finance
Korean banks tighten household loans, cut mortgage limits and strengthen controls
South Korean banks are tightening household lending after the biggest year-on-year rise in bank household loans. KB Kookmin Bank capped home purchase loans at 300 million won and cut limits in the Seoul area and regulated zones. Shinhan Bank halted new mortgage applications via loan brokers and suspended new mortgage insurance sign-ups. Regulators are also expanding oversight, summoning regional banks to review compliance with household debt targets and second-half plans.
