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Finance

KakaoBank launches \'hidden account finder\' service

KakaoBank said on Monday it has launched a “hidden account finder” service that allows users to check and organize accounts scattered across multiple financial companies. The service lets users view accounts opened at 26 financial firms, including banks and mutual finance institutions, from within the KakaoBank app. Users can identify inactive accounts, select accounts to close and have remaining balances deposited into an account in their name or donated.

Finance

Mortgage loan curbs push borrowers into credit loans, tightening financing for end users

As mortgage loan regulations expand, financing conditions for end users are tightening. Banks are increasingly turning borrowers away at the consultation stage, prompting some to cover shortfalls with credit loans. Demand has shifted to mutual finance lenders, but they are also restricting lending, while savings banks face tougher volume caps. Authorities have capped some savings banks’ household loan growth at 0 percent, raising concerns that borrowing is shifting from mortgages to higher-rate credit loans.

Finance

Financial authorities lower household loan growth target to 1.5 percent

South Korea\'s financial authorities set a 1.5 percent target for household debt growth and unveiled measures to manage household debt in 2026. The goal for household loan growth is below last year’s 1.7 percent. Over the longer term, they aim to lower the household debt ratio to about 80 percent by 2030 and reduce the share of policy finance to 20 percent from 30 percent. Oversight of financial firms will be strengthened, with penalties for exceeding targets.