South Korea's Financial Services Commission (FSC) announced key progress on its benchmark rate reform, which includes raising the KOFR (Korea Overnight Financing Repo Rate)-OIS transaction target from 10% to 25% for the July 2026-June 2027 period, with a goal of over 70% by June 2030. Additionally, the FSC stated that financial companies will stop handling new KORIBOR (Korea Inter-bank Offered Rate)-based loans from April 2027, and the Korea Development Bank (KDB) and Industrial Bank of Korea (IBK) will introduce new KOFR-based business loan products totaling KRW1 trillion today.