[Exclusive] "Homeplus Completely Blocked" First Ever Full Card Company Payment Suspension... Financial Supervisory Service Closely Watching (Comprehensive)

Response to Refund Delays Within 8-9 Days of Corporate Rehabilitation
FSS Chief: Inspections Target Securities Firms
Card Companies Also Under Scrutiny Amid Investor Criticism

Following six dedicated card companies, Lotte Card and BC Card also suspended payments for Homeplus gift certificates on the 13th. This is the first time in history that all dedicated card companies (Shinhan, Hyundai, Samsung, KB Kookmin, Lotte, Woori, Hana, BC Card) have stopped accepting gift certificates from a major retail company like Homeplus.

According to the Credit Finance Association and the card industry, all eight dedicated card companies simultaneously stopped accepting gift certificates from major retail companies on this day. An industry insider said, "This is the first time that all eight dedicated companies have suspended gift certificate payments for a major retail company like in the Homeplus incident."

The dedicated card companies suspended gift certificate card payments for two days, from the 12th to the 13th, after 8 to 9 days had passed since Homeplus entered corporate rehabilitation proceedings. Since continuing to issue gift certificates could delay consumer refunds if problems arise, this prompt response has been evaluated positively.

An industry insider explained, "Once the PIN number (unique gift certificate number) is assigned after payment, refunds become difficult. Card companies proactively responded by suspending payment approvals."

This is also the first time that card companies have cut off corporate purchase card transactions for an institution (Homeplus). Homeplus paid for supplier goods using purchase-only cards from Shinhan, Lotte, and Hyundai Card. According to their terms and conditions, the three card companies simultaneously cut off all corporate card transactions with Homeplus on the first day of Homeplus's corporate rehabilitation proceedings, the 4th.

An industry insider said, "It is a natural step to stop issuing purchase-only cards when a default occurs according to the terms and conditions," but added, "This is the first time such an event has happened."

Major financial incidents involving specialized credit finance companies (card companies) or electronic financial service providers (such as simple payment services) include the 2002 household credit card loan default crisis (card crisis), last year's T-Mef (Timon and Wemakeprice) consumer travel and accommodation product non-payment incident, and the 2025 Homeplus incident.

Unlike the 2002 card crisis (card companies) and last year's T-Mef incident (simple payment companies), card companies do not bear compensation or liability obligations in the current Homeplus incident. Card companies only earned a small fee and facilitated purchase payment cards; they had no knowledge of or involvement in who the securities companies sold the approximately 400 billion KRW asset-backed short-term electronic bonds (ABSTB) to. Structurally, it is difficult for card companies to engage in 'mis-selling' to consumers.

Card companies are on edge following Financial Supervisory Service (FSS) Governor Lee Bok-hyun's statement this morning that "financial company inspections are inevitable."

The financial companies identified by Governor Lee are the securities companies that sold Homeplus bonds. The FSS announced, "To verify suspicions and facts related to Homeplus's rehabilitation, inspections of Shinyoung Securities, Korea Credit Rating, and Korea Investors Service began at 4 p.m. today."

However, as Homeplus short-term bond investors have strongly criticized that "card companies also bear responsibility for selling Homeplus short-term bonds," card companies are closely monitoring the situation.

Individual investors in Homeplus short-term bonds claim that card companies deceived consumers despite knowing about Homeplus's insolvency. On the 12th, investors held a press conference in front of the FSS headquarters in Yeouido, Seoul, stating, "We were deceived by a collusion between Hyundai, Shinhan, Lotte Card, Homeplus, and MBK Partners," and criticized the card companies, saying, "In particular, the major shareholder of Lotte Card is MBK, the owner of Homeplus."

Both the industry and financial supervisory authorities believe that including card companies in inspections is unreasonable unless it is verified that card companies engaged in 'mis-selling' by providing credit extensions or purchase commitments to consumers despite knowing about Homeplus's insolvency.

An FSS official emphasized, "If detailed contract issues are revealed, investors may file lawsuits, but so far, there is no evidence that card companies guaranteed credit extensions or purchase commitments," adding, "The supervisory authorities are closely monitoring the situation and conducting a thorough investigation."