IBK Industrial Bank China branch suffered a large-scale financial accident worth around 80 billion won while providing contactless loans to car owners in cooperation with local non-bank financial institutions. The accident occurred as online loan platform B in China arbitrarily changed the repayment account and embezzled the principal and interest. While Industrial Bank argued that it checked the principal and interest repayment status every day, it actually recognized the accident only in June. In addition, despite the fact that other Chinese financial institutions had already classified B as a risky institution, Industrial Bank failed to detect this. The Financial Supervisory Service is also facing criticism for its passive attitude of waiting only for a closing report after the accident occurred, rather than actively investigating.
