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Finance

Banks launch pilot credit evaluation for small merchants, offering preferential loan limits and rates

Small merchants with strong future growth potential will be able to receive preferential treatment in bank loan screening, including loan limits and interest rates. The Financial Services Commission said on Sept. 2 that eight banks began a pilot programme on Aug. 31 for a small-merchant specialised credit evaluation model, or SCB. The AI-based approach uses non-financial data to assess growth potential.

Finance

Toss, Koryo Savings Bank and PFCT to upgrade loan screening for mid-to-low credit borrowers using Toss Score

Viva Republica, operator of Toss, is partnering with Koryo Savings Bank and PFCT to enhance loan screening for mid-to-low credit customers using alternative credit assessment data. The three companies will develop a credit scoring model tailored to Koryo Savings Bank and embed it in PFCT’s real-time lending strategy solution. Koryo Savings Bank plans to introduce Toss Score in phases from the second half of this year and expand its use.

Finance

Kakao finance posts record results as Bank and Pay expand into corporate, securities and insurance

KakaoBank and KakaoPay posted record results, while Kakao’s financial business broadens beyond lending margins and simple payments into corporate finance, investment, insurance and advertising. KakaoBank is expanding lending and deposits from household customers to sole proprietors, SMEs, corporates and foreign-currency products, while KakaoPay is linking payment users and data to securities and insurance services. The companies also plan to connect KakaoPay Securities’ stock services to KakaoBank’s app in September.