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On March 17, 2026, South Korea's Financial Supervisory Service (FSS) announced the launch of an online loan refinancing service enabling individual business operators to switch existing credit loans (operating capital loans) to more favourable terms without visiting bank branches. The service became operational on March 18, 2026, allowing sole proprietors to refinance their loans via smartphone through participating financial institutions. The FSS expects the online refinancing service to intensify interest rate competition among financial companies, thereby reducing borrowing costs for small business owners. The initiative represents an expansion of digital banking accessibility for small and medium-sized enterprises in South Korea. Individual business operators can now compare and switch to better loan conditions remotely, streamlining what previously required in-person visits to bank branches. The FSS indicated it will implement improvements to the service based on user feedback during the initial implementation phase. The authority plans to review opportunities to expand participation across additional financial sectors and loan products to increase user adoption of the online refinancing service. The Bank Risk Supervision Division oversees the programme, with the Individual Business Operator Loan System Team managing implementation and ongoing operations.