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Finance

Shinhan Bank launches SuperSOL mid-rate loan for mid-to-low credit borrowers

Shinhan Bank will launch its SuperSOL Mid-Rate Loan on Aug. 21, offering a non-face-to-face mid-rate credit loan for mid-to-low credit borrowers. The product targets customers in the bottom 50 percent of NICE or KCB credit scores. Loans are available up to 20 million won per person at fixed annual rates of 5.5 to 6.9 percent, with maturities up to 36 months. Preferential rate discounts of up to 1.4 percentage points apply.

Finance

Toss, SBI Savings Bank launch mid-rate loans for middle-to-low credit borrowers

Viva Republica, operator of Toss, will introduce mid-rate credit loans for middle-to-low credit borrowers with SBI Savings Bank using alternative credit assessment. Toss said it signed a business agreement with SBI Savings Bank on July 16 in Seoul to expand inclusive finance. The product, SBI Inclusive Loan with Toss, is set to launch on July 27 and will be available only through the Toss app, with annual interest rates of 7.9 to 13.5 percent.

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.