Naver Financial Partners with Jeonbuk Bank... Signs MOU to Provide Digital Financial Services

Naver Financial and Jeonbuk Bank have agreed to join forces to provide digital financial services through partnerships in products, marketing, and more. The photo shows Jeon Yeon-ju, Vice President of Jeonbuk Bank (from the left), Kwon Oh-jin, Vice President, Seo Rae-ho, Lead Manager of Naver Financial, and Kim Ji-sik, Lead Manager, posing for a commemorative photo after the partnership ceremony held on the 28th at Jeonbuk Bank headquarters in Jeonju.

They met and signed a partnership agreement for "business cooperation to provide digital financial services." Both companies agreed to ▲ collaborate on technology to advance digital financial services and financial innovation ▲ plan financial products, financial services, and marketing partnerships suitable for the digital financial environment ▲ and pursue comprehensive cooperation for mutual development. Following this agreement, they promised to identify partnership projects and gradually expand them.

[Asia Economy Reporter Kiho Sung] Naver Financial has decided to join forces with Jeonbuk Bank through partnerships in products, marketing, and more to provide digital financial services.

On the 28th, Seorae Ho, Lead Manager at Naver Financial, Jeonbuk Bank Vice President Kwon Oh-jin, and key officials from both companies met at Jeonbuk Bank headquarters in Jeonju City to sign a "Business Cooperation Agreement for the Provision of Digital Financial Services." The two parties agreed to ▲ collaborate on technology to advance digital financial services and financial innovation ▲ plan financial products, financial services, and marketing partnerships suited to the digital financial environment ▲ and pursue comprehensive cooperation for mutual development. They also promised to discover partnership projects after this agreement and gradually expand them.

Naver Financial provides financial services for users of the Naver platform, including online small and medium-sized enterprises (SMEs) and thin-filers, in cooperation with various financial companies. Notably, in December last year, it introduced the industry's first online SME-exclusive credit loan for Smart Store operators in partnership with Mirae Asset Capital, and on the 22nd, expanded the service to allow loans through Woori Bank. The company stated that it will continue to leverage Naver Financial's strengths in data and IT technology to discover new opportunities together with financial companies.

Seorae Ho, Lead Manager at Naver Financial, said, "Jeonbuk Bank is a bank that has actively led digital transformation and services for financially underserved groups such as mid-interest loans based on outstanding financial expertise. We expect synergy with Naver Financial, which provides financial services for 30 million Naver Pay users and 460,000 Naver Smart Store SMEs." He added, "Going forward, various service teams will gradually review and cooperate to create new services."

Kwon Oh-jin, Vice President of Jeonbuk Bank, said, "Jeonbuk Bank is a local bank leading coexistence in the community, trusted and loved by residents and customers. Based on this trust, we are preparing digital innovation to build competitiveness against market changes represented by digitalization and non-face-to-face services." He added, "Through this agreement, we will establish a close cooperative relationship with Naver Financial to develop various digital financial products for customers and improve non-face-to-face customer services."