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Finance

Shinhan Bank extends rate-cut support for high-interest household loans to 9.8 percent

Shinhan Bank will extend for one year its interest-rate cut support to ease financing costs for customers with high-interest household loans. The bank said the program, launched last year as part of its Help-up & Value-up project, will run from Aug. 26. Eligible customers are those with household loans carrying rates above 9.8 percent as of July 2026 and at least three months remaining to maturity. Rates will be lowered to 9.8 percent without application.

Fintech

MyData market to expand as fintech eyes AI loans and finance groups focus on data sharing

Korea’s Financial Services Commission plans to expand MyData beyond individuals to include sole proprietors and small merchants, and to introduce a “My AI Agent” that can carry out financial actions on users’ instructions. The overhaul would integrate financial, commercial and public data for sole proprietors, including sales and tax information. Fintech firms are looking at AI-driven loan execution, while financial groups are focusing on sharing personal credit data among affiliates under revised rules.

Finance

IBK Industrial Bank of Korea to write off 120 billion won in long-overdue debt for 5,000 people

IBK Industrial Bank of Korea will write off 120 billion won in long-overdue debt by the end of this year for about 5,000 long-term delinquent borrowers. It will first cancel 67.5 billion won in claims for about 3,600 people by September, followed by an additional 52.5 billion won for about 1,400 people by December. The bank said the measure aims to ease the financial burden on vulnerable groups and support economic recovery.