[Alpha Biz= Paul Lee] A system failure at the Housing and Urban Guarantee Corporation (HUG) caused an eight-hour disruption in guarantee-related services at bank branches nationwide.


According to the financial sector on Monday, the HUG system outage began around 9 a.m. and lasted until 4:50 p.m., preventing banks from processing HUG-backed mortgage and jeonse loan guarantees. Customers who visited bank branches for these services faced significant inconvenience.


This is not the first such incident—HUG experienced a similar system failure in August 2023, which led to a four-hour suspension of guarantee-related banking operations.

 

 

 

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