Regulatory Alerts2024-09-24 | 83123Revised Rules on Microfinance Support Expected to Increase Availability of Funds for Inclusive Finance
The Financial Services Commission approved revisions to the Enforcement Decree of the Microfinance Support Act to secure stable funding for policy-based microloans amid challenging economic conditions. The rules temporarily increase mandatory contribution rates for banks and insurance companies until December 2025 while offering reductions to firms actively supplying microloan products. This initiative aims to generate approximately KRW103.9 billion for guarantees and incentivize financial institutions to expand inclusive finance services.
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