Improving access to credit, especially for middle- and low-income groups, is the starting point of the Financial Services Commission, which on January 8 brought together major financial institutions to discuss inclusive finance in concrete terms. The goal is clear: to make the market more balanced by reducing interest burdens and preventing overly aggressive collection practices. The new plan introduces stricter licensing requirements for debt collection companies, lower interest rates on mid-rate loans, and incentives for banks that promote responsible lending. By 2028, the government aims to deploy 6 trillion won (around €4.1 billion) to support those who currently struggle to access credit, through a joint commitment between the public and private sectors to build a fairer financial system.
