Reducing Loan Interest Burden... Savings Banks Sign MOU with Naver Financial

Reduction of Intermediary Fees for Large Debt Refinancing at the End of May
Participation of 18 Savings Banks

The Korea Federation of Savings Banks signed a comprehensive business agreement with Naver Financial on the 2nd to alleviate the interest burden on financial consumers.

This business agreement is for the government’s ‘Debt Refinancing Infrastructure’ service starting at the end of this month, and it is expected to reduce financial consumers’ interest costs through brokerage fee reductions and interest rate cuts on debt refinancing. It will also ease fee burdens on government-led policy financial products and other low-income financial products to strengthen financial support for vulnerable borrowers. All 18 savings banks participating in this project are expected to join. Both organizations also agreed to collaborate on various new business initiatives to expand the supply of low-income financial services and practice win-win finance.

Oh Hwa-kyung, Chairman of the Korea Federation of Savings Banks, said, “Through the agreement with Naver Financial, it is meaningful to reduce the burden on customers who have been struggling due to the recent base interest rate hikes,” adding, “Both organizations plan to cooperate in various business areas to enhance the welfare of financial consumers going forward.”

Park Sang-jin, CEO of Naver Financial (left), and Oh Hwa-kyung, Chairman of the Korea Federation of Savings Banks, signed a comprehensive business agreement on the 2nd to practice win-win finance. Photo by Korea Federation of Savings Banks

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