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Finance
Woori Financial Group to expand productive and inclusive finance by 10 trillion won
Woori Financial Group will increase its support for productive and inclusive finance by 10 trillion won, expanding funding for advanced strategic industries, exporters and other parts of the real economy. It will also strengthen support for vulnerable groups by writing off long-overdue debts and supplying mid-interest loans. The group plans to raise the target of its Future Shared Growth Project to 90 trillion won and provide 3.5 trillion won in inclusive finance within the year.
Finance
Small business loan barriers may ease as lenders weigh growth over credit history
South Korea plans to let small business owners with limited credit histories seek bank loans using AI-based credit assessments built on non-financial data such as sales, business type and trade area conditions. The Financial Services Commission unveiled a small business-focused credit assessment system that grades growth prospects in 10 tiers and can lift existing credit ratings. Seven banks will pilot it from August in loan screening worth about 1.8 trillion won, with expansion planned later.
Crypto
Community banks see net deposit outflows to Coinbase, down $78.3 million in 13 months
Community banks are experiencing fund outflows to Coinbase, Cointelegraph reported on Feb. 19. Bank data analytics firm KlariVis reviewed 92 community banks and found net deposits of $78.3 million moved to Coinbase over 13 months. An analysis of data from 53 banks showed $122.4 million flowed out and $44.2 million flowed in. Most outflows came from money market accounts, where 96.3 percent of related transactions went from banks to the exchange.
