Woori Bank-Korea Credit Data 'Join Hands'... "Supporting Non-Face-to-Face Finance for Small Businesses"

Seodonglip, Head of the SME Group at Woori Bank (right), and Kim Dongho, CEO of Korea Credit Data, are posing for a commemorative photo after signing a memorandum of understanding for financial support for small business owners.

[Asia Economy Reporter Kim Min-young] Woori Bank announced on the 23rd that it has signed a business agreement with Korea Credit Data, the operator of the sales management platform ‘Cash Note,’ to provide non-face-to-face financial services to support small business owners struggling due to the novel coronavirus infection (COVID-19).

The signing ceremony held the previous day was attended by Seo Dong-rip, Head of Woori Bank’s SME Group, and Kim Dong-ho, CEO of Korea Credit Data, among others.

Through this agreement, Woori Bank plans to offer non-face-to-face financial product partnership services in the fourth quarter to 650,000 small business owners using the Cash Note platform by developing non-face-to-face exclusive financial products for small business owners and linking them with applications (apps).

Additionally, by linking ‘digital finance’ and the ‘data economy,’ the bank aims to proactively respond to the MyData market and continuously collaborate on big data sharing, data fusion development, and data business to create innovative financial services for small business owners.

Korea Credit Data is a first-generation company of Dino Lab, Woori Financial Group’s fintech incubation program, and operates Cash Note, the largest comprehensive management service in Korea used at 650,000 business sites nationwide. Cash Note allows users to manage card sales, delivery app sales, cash receipts, and tax invoice details using only KakaoTalk.

A Woori Bank official stated, “This agreement has expanded the non-face-to-face financial channels to support small business owners,” and added, “We plan to continuously discover collaborative models that help small business owners.”