MG Community Credit Cooperatives has introduced a local tax virtual account payment service, the first in South Korea\'s mutual finance sector. The cooperative said the \"integrated virtual account\" collection service started on June 22. The system was built by linking its computer network with the local tax revenue collection platform operated by the Korea Local Information Research and Development Institute under the Ministry of the Interior and Safety. The service initially applies to regular and occasional local tax payments and is available in 49 local governments, excluding Seoul.

South Korean small merchants\' sales and profit both fell in the first quarter from the previous quarter, reflecting seasonal effects after year-end demand faded, Korea Credit Data said. Average sales per store rose from a year earlier but dropped sharply quarter on quarter, while profit and profit margin also declined. Delinquent loan amounts for sole proprietors increased again after falling, with relatively high delinquency shares at savings banks and mutual finance lenders.