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Finance

Finance network separation rules eased, fueling 140 trillion won fintech investment

South Korea\'s financial authorities expanded the scope of eased network separation rules for AI use to secondary financial institutions and electronic financial business operators. The number of firms to be selected rises to as many as 15, and eligibility thresholds are lowered. Selected institutions can use external AI and security SaaS after putting alternative controls in place. Industry expectations are mixed, with some firms cautious. Global fintech investment rose to $103.1 billion in the first half, with focus expected to shift to AI and financial infrastructure.

Finance

Banks vary in how they use SCB to assess small business loans

South Korean banks have begun piloting Small Business-specialised Credit Evaluation (SCB), which adds business growth potential such as sales, industry and commercial area to traditional credit assessment. Banks are using SCB in different ways, including overriding internal grades to improve approval odds and offering higher loan limits or broader support. A high SCB grade does not guarantee approval if other risk factors exist. Regulators allow use for approvals, limits and rates, while standards vary by bank.

Finance

MyData market expands as Korea faces impact of consecutive base rate hikes

Korea\'s financial MyData service is set to expand beyond individuals to sole proprietors and small merchants, evolving from simple data checks to executing financial tasks. The Financial Services Commission plans to broaden the right to request transmission of credit information and to introduce a \"My AI agent\". Separately, the Bank of Korea has raised its base rate for a second straight month, adding to upward pressure on loan rates and borrowers\' interest burdens.