Fintech

Seoul Banks on Fintech to Solve Household Debt Crisis: FT

(AF) The South Korean government is banking on fintech companies to help its heavily indebted citizens better manage their finances, the Financial Times reported.

It’s hoped companies such as PeopleFund will help borrowers restructure their debts, which are in largely unsecured high-interest structures, into more affordable packages, the report stated. Household debt in Asia’s fourth-largest economy is at about $1.6 billion, the report said, adding that Korea’s debt-to-GDP ratio is 103.8%, compared with the 62.1% average of 43 countries surveyed by the Bank for International Settlements. Full story: Financial Times

Also on AF: South Korea to Toughen Rules to Collect Crypto from Tax Dodgers

Mark McCord

Mark McCord is a financial journalist with more than three decades experience writing and editing at global news wires including Bloomberg and AFP, as well as daily newspapers in Hong Kong, Sydney and Melbourne. He has covered some of the biggest breaking news events in recent years including the Enron scandal, the New York terrorist attacks and the Iraq War. He is based in the UK. You can tweet to Mark at @MarkMcC64371550.