AI-based rating system to be introduced for small biz owners | Yonhap News Agency

## Summary
OK SEOUL, April 9 (Yonhap) -- An artificial intelligence (AI)-powered credit rating system will be introduced this year to extend more loans and financing to small business owners with high growth potential but little collateral, the financial regulator said Thursday. According to the Financial Services Commission, some 700,000 small business owners are expected to benefit from the so-called small business and self-ownership credit bureau (SCB) with an additional 10.5 trillion won (US$7.1 billion) in new loans to be available annually for them. The emblem of the Financial Services Commission (FSC) (Yonhap) sam@yna.co.kr (END) Keywords #AI-based rating system #credit Articles with issue keywords Most Liked (LEAD) BTS tops Billboard albums chart for 2nd week with 'Arirang,' a first in K-pop BTS to drop 'Come Over,' exclusive new track on 'Arirang' LP 'Beef' Season 2 deepens Korean narrative, casts A-listers Youn Yuh-jung, Song Kang-ho BTS tops Spotify weekly charts for 2nd week with new album 'Arirang' Lee voices hope for peace in Easter message Most Saved 'Beef' Season 2 deepens Korean narrative, casts A-listers Youn Yuh-jung, Song Kang-ho (3rd LD) Lee says S. Korean road lined with cherry blossoms prev AI-based rating system to be introduced for small biz owners Next AI-based rating system to be introduced for small biz owners

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SEOUL, April 9 (Yonhap) -- An artificial intelligence (AI)-powered credit rating system will be introduced this year to extend more loans and financing to small business owners with high growth potential but little collateral, the financial regulator said Thursday.
According to the Financial Services Commission, some 700,000 small business owners are expected to benefit from the so-called small business and self-ownership credit bureau (SCB) with an additional 10.5 trillion won (US$7.1 billion) in new loans to be available annually for them.
The SCB is designed to focus on assessing smaller business owners' growth potential, rather than their collateral for loan extension.
Initially, seven banks, including KB Kookmin Bank and Shinhan Bank, will apply the newly introduced rating system for their loan products worth 1.8 trillion won this year, the regulator said.
The emblem of the Financial Services Commission (FSC) (Yonhap)
sam@yna.co.kr
(END)
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#AI-based rating system
#credit
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AI-based rating system to be introduced for small biz owners

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## Expert Analysis

### Merits
- According to the Financial Services Commission, some 700,000 small business owners are expected to benefit from the so-called small business and self-ownership credit bureau (SCB) with an additional 10.5 trillion won (US$7.1 billion) in new loans to be available annually for them.

### Areas for Consideration
- The emblem of the Financial Services Commission (FSC) (Yonhap) sam@yna.co.kr (END) Keywords #AI-based rating system #credit Articles with issue keywords Most Liked (LEAD) BTS tops Billboard albums chart for 2nd week with 'Arirang,' a first in K-pop BTS to drop 'Come Over,' exclusive new track on 'Arirang' LP 'Beef' Season 2 deepens Korean narrative, casts A-listers Youn Yuh-jung, Song Kang-ho BTS tops Spotify weekly charts for 2nd week with new album 'Arirang' Lee voices hope for peace in Easter message Most Saved 'Beef' Season 2 deepens Korean narrative, casts A-listers Youn Yuh-jung, Song Kang-ho (3rd LD) Lee says S.

### Implications
- OK SEOUL, April 9 (Yonhap) -- An artificial intelligence (AI)-powered credit rating system will be introduced this year to extend more loans and financing to small business owners with high growth potential but little collateral, the financial regulator said Thursday.
- Initially, seven banks, including KB Kookmin Bank and Shinhan Bank, will apply the newly introduced rating system for their loan products worth 1.8 trillion won this year, the regulator said.
- The emblem of the Financial Services Commission (FSC) (Yonhap) sam@yna.co.kr (END) Keywords #AI-based rating system #credit Articles with issue keywords Most Liked (LEAD) BTS tops Billboard albums chart for 2nd week with 'Arirang,' a first in K-pop BTS to drop 'Come Over,' exclusive new track on 'Arirang' LP 'Beef' Season 2 deepens Korean narrative, casts A-listers Youn Yuh-jung, Song Kang-ho BTS tops Spotify weekly charts for 2nd week with new album 'Arirang' Lee voices hope for peace in Easter message Most Saved 'Beef' Season 2 deepens Korean narrative, casts A-listers Youn Yuh-jung, Song Kang-ho (3rd LD) Lee says S.
- Korea conducts back-to-back ballistic missile launches in show of force (LEAD) N.

### Expert Commentary
This article covers korea, rating, system topics. Notable strengths include discussion of korea. Areas of concern are also raised. Readability: Flesch-Kincaid grade 0.0. Word count: 404.