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Finance

FSC cuts rate requirements for mid-interest loans by up to 1.25 points, expands supply

South Korea’s Financial Services Commission is moving to revamp rules to expand lending to mid-credit borrowers as the economic slowdown increases pressure on vulnerable borrowers. It plans to adjust supply criteria for the policy-backed Saitdol loan, cut insurance rates and expand supply. Support for low-credit borrowers will be strengthened separately through policy microfinance, including a rate cut for Haetsal loans. The FSC also plans to lower rate benchmarks for private mid-interest loans by up to 1.25 percentage points.

Finance

Shinhan Bank runs 100 percent exchange rate discount event for receiving trade remittances

Shinhan Bank said on Sunday it is running an event from April 20 offering a 100 percent exchange rate discount to small and medium-sized companies and sole proprietor customers when they receive trade remittances. The bank said the program is aimed at easing financial burdens and improving convenience for customers newly starting trade transactions or with no recent foreign exchange remittance history at Shinhan Bank. The event runs through Oct. 19 and applies to 23 currencies.

Finance

KakaoBank, Busan Bank sign joint SME loan agreement

KakaoBank and Busan Bank signed an agreement to pursue a joint loan business to expand financial support for small and medium-sized enterprises and vitalise the regional economy, they said on April 14. The two lenders held a signing ceremony on April 13 at Busan Bank’s headquarters and agreed to cooperate on launching joint loan products for SMEs and sole proprietors, expanding financial support and developing new financial services.