South Korea's financial watchdog, the Financial Supervisory Service (FSS), issued a warning to Hyundai Motor (KRX:005380) subsidiary Hyundai Card over its rapid expansion in card loans, which is a key credit source for low-income borrowers, Pulse News reported Monday.
The FSS flagged the company's loan balance, which surged 18% to 5.64 trillion won by September 2024, the report said.
Following a regular inspection, the FSS delivered eight advisories and 15 improvement recommendations, urging tighter credit limit controls and better portfolio oversight. Hyundai Card pledged to implement corrective measures and strengthen risk management, it said.
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