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Finance

Small business sales up 4.5 percent but margins fall for second straight quarter; delinquencies rise

South Korean small business sales rose 4.53 percent in the second quarter from a year earlier, but profit margins fell for a second straight quarter as expenses increased faster, a report by Korea Credit Data showed. Average revenue per business was 47.11 million won, while average spending rose 5.83 percent to 35.22 million won. Delinquent amounts on sole proprietors’ loans rose 4.3 percent from the previous quarter to 15.2 trillion won.

Finance

Mandatory financial firms\' contributions to inclusive finance agency extended to 2036 after subcommittee approval

Mandatory contributions by financial companies to the Korea Inclusive Finance Agency are expected to be extended to 2036. A bill to push back by 10 years the sunset clause for the contribution scheme, which was set to expire on Oct. 8, passed a legislative subcommittee of the National Assembly’s Political Affairs Committee. The proposal would keep the obligation in force through 2036 if it wins final approval.

Finance

Financial firms\' duty to fund low-income finance nears end, parliament weighs permanent fund or extension

South Korea\'s parliament is set to begin discussions as financial companies\' mandatory contributions to policy lending for low-income borrowers near their Oct. 8 expiry. Lawmakers will review amendments that would either create a dedicated stability fund at the Korea Inclusive Finance Agency to secure standing funding or extend the current contribution duty for five more years. Without a revision, the obligation will lapse and could curb policy finance supply.