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Finance

Big Tech expands territory beyond payments into financial infrastructure

Fintech and Big Tech firms are expanding financial services beyond payments and transfers into identity verification, offline payments, venture capital and corporate finance. Toss, Kakao Pay and Naver Pay can use a government network to verify resident registration cards, strengthening non-face-to-face checks and fraud prevention. Naver Pay launched Npay Startup with the Financial Supervisory Service. Kakao Pay Securities secured an investment dealing licence. Financial groups are revamping second-half strategies as household lending rises and regulators review IT controls and network separation rules.

Finance

Bank household loans rise 7.6 trillion won as mortgage growth accelerates

Household loans across South Korea\'s financial sector rose 8.3 trillion won in June, the Financial Services Commission said on Wednesday. The increase was smaller than the previous month but larger than a year earlier. Mortgage loans rose 4.5 trillion won, with bank mortgage growth widening while second-tier lenders slowed. Bank household loans rose 7.6 trillion won. Other loans increased 3.7 trillion won, with credit loan growth easing.

Finance

Dongtan, Giheung, Guri designated as regulated areas; mortgage LTV set at 40 percent

South Korea designates Dongtan in Hwaseong, Giheung in Yongin and the city of Guri as regulated areas, tightening housing-related lending rules. From July 1, the mortgage loan-to-value ratio in the areas falls to 40 percent from 70 percent under non-regulated standards, while some categories such as first-time home purchases and policy mortgages apply eased ratios. Jeonse loans, large credit loans and business loans for home purchases also face tighter limits.