Search results for illegal private lending
Finance
Woori Bank joins SFIF to help prevent harm from illegal private lending
Woori Bank will work with the Korea Inclusive Finance Agency on a nationwide relay campaign to help prevent harm from illegal private lending and promote policy-backed finance support schemes. The campaign, sponsored by Woori Bank for a second consecutive year, will run through the end of December. The two organisations plan to provide information to about 11,000 financially vulnerable people, including the elderly and people with disabilities, and local residents.
Finance
Financial sector to raise annual contributions to SMEF by 197.3 billion won; microloans to rise to 420 billion won
South Korea\'s Financial Services Commission said on Monday a revised enforcement decree for the law on supporting the financial lives of ordinary people was approved at a Cabinet meeting and took effect immediately. The revision raises the common contribution rates paid by financial firms to the Korea Inclusive Finance Agency. It is expected to increase annual funding by 197.3 billion won and lift total financial sector contributions to about 632.1 billion won. It also enables credit guarantees for certain microloan borrowers.
Finance
Shinhan Financial holds hero awards with Korean National Police Agency
Shinhan Financial Group said it held the fifth Common People\'s Economy Guardian Hero Awards with the Korean National Police Agency at the agency’s Eoullim Madang in Seoul on Jan. 6. The annual event is part of a memorandum of understanding signed in July 2021 to eradicate livelihood financial crimes. Ten people were selected, including five police officers and five citizens. Each received recognition and 3 million won in prize money.