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Finance

Four major financial groups pledge 2 billion won for South Gyeongsang flood recovery

South Korea\'s four major financial holding groups - KB, Shinhan, Hana and Woori - will each donate 500 million won to support recovery from heavy rain damage in parts of South Gyeongsang province including Geoje and Tongyeong. The groups are also rolling out financial support through affiliates, including emergency living funds, loans for small businesses and SMEs, deferrals of card payments and insurance premiums, and interest rate concessions.

Finance

South Korean banks\' won loan delinquency rate falls to 0.56 percent in June

South Korean banks\' won-denominated loan delinquency rate fell to 0.56 percent at end-June from 0.67 percent a month earlier, the Financial Supervisory Service said. It was still 0.04 percentage points higher than a year earlier. Newly delinquent loans totalled 2.6 trillion won in June, while bad-loan disposals jumped to 5.3 trillion won. The regulator warned delinquency rates could rise again amid economic uncertainty.

Crypto

Ripple targets $10 billion private credit market with institutional lending on XRP Ledger

Ripple is moving to target the global private credit market worth more than $10 billion by adding institutional lending to the XRP Ledger. The RippleX development team plans to work with Clearpool Finance and Cicada Partners to introduce the feature. Loans would use Ripple’s regulated stablecoin RLUSD, while key processes would run on XRPL, requiring XRP for fees and wallet reserves. The plan also includes protocol-level security measures and identity and clawback features, with mainnet timing not yet set.