Samzzumzzum Challenges Internet-Only Banking with 'Samzzumzzum Bank'

Resolving Financial Blind Spots Following Tax Blind Spots
Targeting the Gig Economy Era

Javis & Villains (CEO Beomseop Kim and Yongsu Jeong), which operates the tax filing and refund assistance service 'SamzzumSam,' announced on the 6th that it is pursuing the establishment of the fourth internet-only bank to address financial blind spots following its tax services.

The provisional name 'SamzzumSam Bank' targets small business owners and N-job workers. Its main focus is on N-job workers, who are evolving in various forms such as part-timers and freelancers, as well as wage earners and business operators who receive financial benefits from the primary financial sector. Individual business owners including small business owners and self-employed persons are also included. The strategy is to differentiate itself from existing financial institutions by channeling customers who have not received benefits into a stable institutional financial system.

Javis & Villains signed an MOU with NICE Information Service in August 2022 and began data analysis earlier this year for the development of an alternative credit evaluation model. During this process, they identified meaningful data that can closely assess customers' repayment abilities, and based on this, SamzzumSam plans to accelerate research to establish optimized credit evaluation model standards.

Since launching the SamzzumSam service in May 2020, Javis & Villains has helped customers in tax blind spots with tax filing and refunds over the past three years. Through this, they have attracted 18 million customers and recorded a cumulative refund amount of 909.9 billion KRW, achieving remarkable growth.

Beomseop Kim, CEO of Javis & Villains, said, "As the labor market changes, the financial sector also needs institutional reform, but it is not easy to keep up with the rapidly changing times." He added, "The fourth internet bank that Javis & Villains is preparing focuses on enabling people who have not benefited from traditional finance and first- and second-generation internet finance to enjoy the benefits of the primary financial sector."

CEO Kim continued, "The promotion of SamzzumSam Bank aims for preliminary approval in the first half of next year along with the formation of a consortium," adding, "Just as SamzzumSam led the digital transformation of the tax market and brought innovation, SamzzumSam Bank will serve as a foundation for creating new opportunities and transforming the lives of individual business owners such as small business owners, self-employed persons, and N-job workers."