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Accumulated P2P Lending Sharply Increases to Top 4 tln Won

Accumulated P2P Lending Sharply Increases to Top 4 tln Won

  SEOUL, Oct. 3 (Korea Bizwire) – Accumulated peer-to-peer (P2P) loans in South Korea are estimated at over 4 trillion won (US$3.57 billion) as of the end of August, data showed on Wednesday. P2P lending refers to a new type of loan extended to individuals or businesses through social network services and the Internet, covering [...]

Corporate Loans by Secondary Financial Institutions Up by 17 Percent

Corporate Loans by Secondary Financial Institutions Up by 17 Percent

SEOUL, Aug. 28 (Korea Bizwire) – Corporate lending extended by South Korea’s nonbank financial institutions surged nearly 17 percent in the first half of the year amid tougher rules for household loans, central bank data showed Monday. Outstanding corporate loans by local secondary financial institutions, including credit cooperatives and savings banks, came to 113.4 trillion [...]

S. Korea Imposes Levy on Financial Firms over Foreign Borrowing

S. Korea Imposes Levy on Financial Firms over Foreign Borrowing

SEOUL, May 12 (Korea Bizwire) — South Korea has imposed a levy on financial firms’ non-deposit foreign borrowing to ease volatility in capital flows, the central banks said Thursday. The Bank of Korea said 66 financial companies, including 17 local banks and 34 branches of foreign lenders, are required to pay 0.1 percent of their [...]

Korean Household Lending Growth Doubles in February

Korean Household Lending Growth Doubles in February

SEOUL, March 11 (Korea Bizwire) – Household loan growth at South Korean banks more than doubled in February from a month earlier on robust property transactions and solid demand for loans amid low interest rates, central bank data showed Wednesday. Household loans, which include mortgage lending, extended by local lenders reached 566 trillion won (US$503 [...]