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Finance

South Korea curbs P2P stock loans, caps new issuance at 30 percent

South Korea\'s financial authorities will limit the size of new stock-loan issuance and set borrower-by-borrower loan caps for the online investment-linked finance sector, after stock loans expanded rapidly amid a recent stock market rally. The Financial Services Commission and the Financial Supervisory Service said the measures take effect from July 16. Monthly new stock-loan issuance will be capped at 30 percent of the prior month’s new linked loans excluding stock loans, with an exception tied to keeping balances below end-June levels.

Fintech

On2U firms, savings banks linked-investment loans top 500 billion won, expand lending to mid-low credit borrowers

Cumulative personal credit loans jointly supplied by online investment-linked finance firms and savings banks have exceeded 500 billion won, with most users classified as mid-to-low credit borrowers and the delinquency rate below 1 percent. The Korea Online Investment-Linked Finance Association put the total at 502.2 billion won as of July 3. It said the average interest rate is 11.95 percent a year and the average borrower credit score is 739.