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More Transparency for Bank Loan Interest Rates

More Transparency for Bank Loan Interest Rates

SEOUL, Jun. 18 (Korea Bizwire) — Starting as early as the latter half of the year, consumers who have taken out bank loans will be able to request information from banks as to how their interest rates are being calculated. In addition, a detailed breakdown of interest rates for each bank to be publicly announced [...]

Companies Allowed to Tap Intangible Assets as Collateral

Companies Allowed to Tap Intangible Assets as Collateral

SEOUL, May 23 (Korea Bizwire) – Financial authorities on Wednesday unveiled a set of measures to allow companies to secure loans using their movable assets, including intellectual property and half-finished goods, as collateral. The measures are aimed at helping small and medium-sized enterprises (SMEs) and startups raise funds, the Financial Services Commission (FSC) said in [...]

State-run Lender Pledges 800 Billion Won to Shipping Industry

State-run Lender Pledges 800 Billion Won to Shipping Industry

SEOUL, Apr. 20 (Korea Bizwire) – The Export-Import Bank of Korea (Korea Eximbank) on Friday promised 800 billion won (US$753.29 million) in loans and guarantees to the local shipping industry this year as the government acts on a five-year restructuring plan. Eun Sang-soo, chairman of the state-run lender, met with the heads of shipping companies [...]

Credit Card Companies Facing Criticism Over High-Interest Loans

Credit Card Companies Facing Criticism Over High-Interest Loans

SEOUL, April 11 (Korea Bizwire) – Seven major credit card companies are being accused of exploiting their customers after reports emerged showing they profited handsomely from high-interest loans despite prevailing low interest rates. Low interest rates in South Korea are seeing credit card companies enjoy some of the biggest profit spikes in recent years, with some [...]

Government Deliberates New Plans for Low-Income Households amid Soaring Debt

Government Deliberates New Plans for Low-Income Households amid Soaring Debt

SEJONG, Feb. 21 (Korea Bizwire) – The South Korean government is planning on new measures to support the livelihood of low-income families, who are among those suffering the most from the country’s recent economic struggles.  According to officials, South Korea’s household credit jumped by 11.7 percent in 2016 compared to the year prior, setting a [...]

Social Commerce Company Launches Comparison Website for Financial Products

Social Commerce Company Launches Comparison Website for Financial Products

SEOUL, Feb. 8 (Korea Bizwire) – Ticket Monster, South Korea’s leading social commerce company, announced Tuesday the  launch of a comparative website dubbed T-Mon Finance Mall (translated), which allows customers to compare some 5,800 on and offline financial products from 220 companies.  The products available include credit cards, insurance, loans, bank accounts, installment savings, and [...]

FSS Takes Steps to Protect Young Koreans from Falling into Debt Trap

FSS Takes Steps to Protect Young Koreans from Falling into Debt Trap

SEOUL, August 2 (Korea Bizwire) – The Financial Supervisory Service (FSS) revealed on August 1 that of 85,000 joint sureties issued by 10 loan companies, 23,000 (27.1%) had individuals in their 20s as co-signers. The value of joint loans co-signed by someone in their 20s added up to 79.5 billion won ($71.5 million). Large financial institutions, [...]