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South Korea tightens online stock loans, with a maximum of 1B KRW per borrower

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ME News, July 15 (UTC+8): As recent Korean stock markets have continued to rise, stock-loan businesses by online investment-related financial companies have rapidly expanded, prompting financial regulators to step up controls, including setting a cap on the stock-loan limit for a single borrower at 1 billion won. Data released by the Financial Services Commission and the Financial Supervisory Service on August 15 shows that as of end of June, the outstanding balance of stock loans in the online investment-linked financial sector was 898.3 billion won, up 374.5 billion won from the first half. Compared with 351.3 billion won at the end of last year, it surged 71.5% within half a year. In response, the Financial Supervisory Service will issue management targets to online investment financial companies, requiring that the amount of newly added stock loans each month must not exceed 30% of the amount of newly added related loans from the previous month. These new management measures will take effect immediately starting August 16. In addition, to prevent risks from accumulating due to online investment financial companies over-concentrating on stock-loan business, regulators also stipulate that, in principle, the stock-loan limit for a single borrower must not exceed 1 billion won. However, if the company can keep the stock-loan balance at each month-end after July at or below the balance level at end of June, it will be granted an exemption. (Jin10) (Source: OAILY)
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