IBK Industrial Bank Reviews Participation in the 4th Internet Bank UBank Consortium

IBK Industrial Bank of Korea is also reportedly considering positive participation in the consortium for the 4th internet bank.

The U Bank (U Bank) consortium announced on the 12th that Daekyo, Hyundai Department Store, and MDM Plus have decided to invest. Along with this, IBK Industrial Bank of Korea added that it is positively reviewing participation as it can contribute to realizing inclusive finance for small and medium-sized enterprises and small business owners.

Currently, four consortia?Duzon Bank, U Bank, KCD Bank, and Soso Bank?have declared their intention to establish the 4th internet bank, and as commercial banks are also positively considering participation, competition is intensifying. Recently, NH Nonghyup Bank has received investment participation proposals from the 4th internet bank consortia and is reviewing them, and Woori Bank has submitted a letter of intent to invest in KCD Bank. Shinhan Bank is also reportedly reviewing a plan to invest equity in Duzon Bank.

The U Bank consortium includes online investment-linked finance company Lendit, fintech (finance + technology) platform Javis & Villains, Travel Wallet, and Hyundai Marine & Fire Insurance. While other banks are focusing on small business owners, U Bank is expanding its target to foreigners and the elderly, emphasizing its advantage of a self-developed credit evaluation model.

Kim Sung-jun, CEO of Lendit, said, “All existing participants such as Lendit, Lunit, Javis & Villains (Samzzumzzum), and Hyundai Marine & Fire Insurance have formed a strong consensus not only on capital investment but also as a strategic collaborative community. We expect that Daekyo, Hyundai Department Store, MDM Plus, and IBK Industrial Bank of Korea will also be able to provide practical help to customers through collaboration on inclusive finance strategies for small and medium-sized enterprises, small business owners, and seniors.”