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Finance

Financial sector audit to focus on household loans, ETFs and financial incidents

South Korea’s National Assembly will hold its annual state audit from Oct. 6 to 27, putting financial authorities and lenders under scrutiny. Key issues include household loan growth targets, governance reforms and internal controls following repeated financial incidents. Regulators’ oversight of single-stock leveraged ETFs, Hong Kong H-index ELS penalties and banks’ ETF trust sales fees are also expected to be questioned. Policy banks’ incidents and the progress of reforms at the National Agricultural Cooperative Federation may be reviewed.

Finance

South Korean banks\' delinquency rate rises to 0.63 percent; corporate loan rate at 0.78 percent

South Korean banks’ delinquency rate on won-denominated loans rose in July, reversing the previous month’s decline, as new delinquencies increased and the amount of delinquent loans cleared fell. The rate climbed to 0.63 percent at end-July, up 0.07 percentage point from end-June and 0.06 point higher than a year earlier. Corporate loan delinquencies rose to 0.78 percent, while household loan delinquencies edged up to 0.42 percent.

Finance

Digital asset institutionalisation picks up pace as big platforms clash over entry into online lending industry

Cooperation between traditional financial firms and crypto-asset operators is expanding, with moves by Kakao Group, brokerages and exchanges. In the United States, the OCC gave preliminary approval to two digital banks pursuing crypto custody and stablecoin business. In South Korea, the Democratic Party plans to draw up a Digital Asset Basic Act this year. Competition is also shifting across platform finance, raising questions about entry rules, conflicts of interest, consumer choice and security.