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Finance

Race to pre-empt won stablecoin as third financial hub nears

South Korea\'s financial authorities raised their target for household loan growth this year and NH Nonghyup Bank resumed variable-rate mortgage lending, drawing attention to whether mortgage hurdles will fall across the sector. COFIX rose for a fourth month, increasing borrowers\' interest burdens. Financial support for mid-to-low credit borrowers and small businesses is spreading, while the government and regulators advance plans tied to regional finance hubs and debate over a won stablecoin shifts toward payment, distribution and custody infrastructure.

Fintech

Shinhan Bank secures first FX deal with Green Climate Fund worth $200 million

Shinhan Bank secured the Green Climate Fund\'s first foreign exchange derivatives transaction since the fund was established. The bank said it signed an FX derivatives deal worth about $200 million with the GCF on Aug. 6. The deal expands cooperation between the two from investment to foreign exchange. The GCF began an FX hedging programme using derivatives to reduce volatility in the value of contributions received in multiple currencies.

Crypto

Woori Bank issues 300 billion won green bonds to expand ESG finance

Woori Bank issued Korea-style green bonds worth 300 billion won to expand ESG finance. The issuance, supported by a green bond interest subsidy programme hosted by the Ministry of Climate, Energy and Environment and the Korea Environmental Industry and Technology Institute, comprises 150 billion won of three-year notes and 150 billion won of one-year notes. The bank said proceeds will be used entirely for environmentally friendly projects including solar and wind power and waste energy recovery.