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Finance

Household loan cap raised to 3 percent; scraping to be phased down

South Korea’s financial authorities loosened parts of their household loan management stance by raising this year’s lending growth target to 3 percent from 1.5 percent and planning 47.8 trillion won-plus in housing supply finance support. The move is expected to expand banks’ annual capacity for household loans to around 60 trillion won. Authorities also agreed not to block scraping all at once, opting to phase it down while preparing alternatives such as public MyData.

Finance

KB Financial, agriculture ministry to run season 2 of rural voice phishing prevention education

KB Financial Group will expand voice phishing prevention education for older people in rural areas in partnership with the Ministry of Agriculture, Food and Rural Affairs. KB Financial said it will run season 2 of its outreach program across 15 cities and counties nationwide. The program links university student volunteer activities with KB Financial’s anti-fraud content and the KB Good Food Truck. Education materials cover 11 phishing methods and provide guidance on reporting to the integrated hotline 1394.

Fintech

DailyFunding cuts platform fees up to 50 percent for mid to low credit borrowers

DailyFunding said on Tuesday it has expanded its inclusive finance policy to support the economic stability of mid to low credit borrowers. It will cut platform fee rates by up to 50 percent for borrowers whose income has fallen and interest rates have risen during loan extension screening. It will also offer preferential interest rates of up to 1 percentage point for some borrowers with improved credit scores or higher income.