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Finance

Shinhan Bank cuts mid-rate loan interest for mid-low credit borrowers by 0.3 percentage point, keeps 6.9 percent cap

Shinhan Bank cut interest rates on private mid-rate loans for mid-to-low credit borrowers by an additional 0.3 percentage point. The bank is keeping the existing cap of 6.9 percent a year, meaning the benefit may vary by customer depending on each borrower’s calculated rate. The change applies to customers in the bottom 50 percent of NICE or KCB credit scores and to certain unsecured loan products, including non-face-to-face loans.

Finance

South Korean banks\' delinquency rate rises to 0.63 percent; corporate loan rate at 0.78 percent

South Korean banks’ delinquency rate on won-denominated loans rose in July, reversing the previous month’s decline, as new delinquencies increased and the amount of delinquent loans cleared fell. The rate climbed to 0.63 percent at end-July, up 0.07 percentage point from end-June and 0.06 point higher than a year earlier. Corporate loan delinquencies rose to 0.78 percent, while household loan delinquencies edged up to 0.42 percent.

Crypto

XRPL eyes credit loan market with infrastructure expansion

XRP has recovered the $1.40 level as the XRP Ledger, or XRPL, expands infrastructure for onchain credit lending. The XRPL 3.4.0 upgrade adds functions for lending, tokenised assets and institutional credit markets. It introduces a revised lending protocol that expands single-asset vaults with closed vaults and cash-based accounting, and supports trustline tokens and multi-purpose tokens. The upgrade broadens XRPL capabilities but does not guarantee future XRP demand or price moves.