South Korea to Launch AI-Based Credit System for Small Businesses in 2023

South Korea is set to roll out an AI-driven credit rating system later this year aimed at supporting small businesses with limited collateral. The initiative, announced by the Financial Services Commission, is expected to benefit around 700,000 small business owners, unlocking up to 10.5 trillion won ($7.1 billion) in loans annually. The system will prioritize growth potential over traditional collateral-based evaluations, offering a lifeline to entrepreneurs looking to scale. As part of the rol