Hyundai to Begin Credit Card Business
Hyundai plans to begin a credit card business. As the government approves new credit card companies, Hyundai Factoring Finance applied for a credit card business on November 11.A source at Hyundai said, 'We have prepared personnel and a computer network for the business since the beginning of this year. If approved, we can issue credit cards from the beginning of 1999.' Lotte is also expected to apply for a credit card business during November.
SK also wanted to enter the potentially lucrative credit issuing field but does not satisfy the government's regulations. The regulations state that if manufacturing companies want to issue credit cards, their debt ratio should be under 200%. The Hong Kong Shanghai Bank also plans to jump into the field.
with the Korea JoongAng Daily
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