Duzon Bizon Announces Launch of Fourth Internet-Only Bank 'Duzon Bank'

Duzon Bizon announced on the 4th that it will challenge the fourth internet-only bank in Korea. Under the name ‘Duzon Bank,’ it plans to establish the nation’s first internet bank specialized for small and medium-sized enterprises (SMEs) and small business owners, showcasing innovative finance based on corporate data, Duzon Bizon explained.

Duzon Bank will promote inclusive finance in the SME and small business sectors, which have been difficult for traditional banks to expand into, by leveraging the corporate data and various enterprise solution competencies held by Duzon Bizon.

Previously, there was a lack of accurate credit rating data for SMEs and small business owners, making smooth capital supply difficult due to reliance on collateral and guarantees. Duzon Bank expects innovation in interest rates and limits through the concretization of a lineup of customized financial products for small corporations, individual business owners, and small business employees.

Duzon Bizon aims to strengthen competitiveness by forming the Duzon Bank consortium and involving commercial banks, policy institutions, and large corporations as shareholders.

Duzon Bizon has completed substantial preparations for the new internet-only bank approval and plans to apply for approval according to the financial authorities’ schedule.

A Duzon Bizon official said, “We plan to focus on expanding financial inclusiveness for SMEs and small business owners, the backbone of the national economy, through Duzon Bank,” adding, “Through fair competition with existing financial sectors, we will expand innovation in capital supply for SMEs and small business owners across the financial industry and create positive ripple effects for the Korean economy.”