"K Bank, Partner Bank of Upbit, Sees Increase in Delinquency Rate for Crypto-Linked Accounts"
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Summary
- It was reported that the delinquency rate for crypto-linked accounts of K Bank, the partner bank of the domestic cryptocurrency exchange Upbit, is increasing.
- The delinquency rate for customers of K Bank's crypto-linked accounts is 1.28%, amounting to 47.4 billion KRW.
- There are concerns about the soundness of K Bank as the delinquency rate and amount are particularly high among medium to low credit score customers.
K Bank, the partner bank of the domestic cryptocurrency exchange Upbit, has seen an increase in the delinquency rate for crypto-linked accounts despite the recent market boom.
According to data submitted by the Financial Supervisory Service to the office of Kim Jae-seop, a member of the National Assembly's Political Affairs Committee, as of the third quarter of this year, the delinquency rate for personal credit loans of customers using K Bank's crypto-linked accounts was 1.28%, with delinquent balances amounting to 47.4 billion KRW. According to the industry, since K Bank started offering crypto-linked accounts in June 2020, these delinquency rates and balances have been on the rise.
Furthermore, it is reported that the delinquency rate and amount are even higher among customers with medium to low credit scores holding crypto-linked accounts. As these delinquent balances grow, there are concerns about the soundness of K Bank.
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