Yujin Investment & Securities (CEO Changsoo Yoo, Kyungmo Ko) is participating in the Korea Soho Bank consortium, which is pursuing the establishment of the 4th internet bank.
Yujin Investment & Securities announced on the 11th that it has submitted a letter of intent to invest in the Korea Soho Bank consortium led by Korea Credit Data (KCD). With Yujin Investment & Securities' participation, the Korea Soho Bank consortium is expected to create synergy in specialized services for small business owners, such as customized financial products and asset management services.
Yujin Investment & Securities decided to join the consortium to create synergy in new business areas and secure competitiveness through collaboration with participating companies. Going forward, Yujin Investment & Securities plans to actively consider launching specialized financial products and PB (Private Banker) services linked to the internet bank, as well as promoting community-based financial services connected with regional WM centers.
With Yujin Investment & Securities' participation, a total of three financial companies have joined the Korea Soho Bank consortium, securing the largest number of financial institutions among consortia pursuing the establishment of new internet-only banks. In May and July of last year, Woori Bank and Woori Card respectively expressed their intention to participate in Korea Soho Bank. Among non-financial companies, ITCEN has also officially joined.
The consortium leader, KCD, emphasizes that it is a business operator providing stable financial services to small business owners. KCD has been offering specialized services to small business owners nationwide through its management service ‘Cash Note’ to 1.7 million small business operators.
KCD, leading the consortium, currently provides the management service ‘Cash Note’ to 1.7 million small business operators nationwide (as of January 2025). In addition, the consortium includes community companies such as Korea Payment Networks, a specialist in online and offline payments; I’m U, a POS and kiosk specialist; Korea Business Experience, the nation’s first dedicated credit rating agency for sole proprietors and a provider of specialized customer experiences for small business owners. Together, they supply services to 2.3 million business sites nationwide. Cash Note started as a bookkeeping and sales management app and has grown into a super app responsible for every moment of small business operations, including management, financial services, purchasing, and community.
The greatest competitive advantage of the KCD consortium is its credit evaluation capability for small business owners. Korea Evaluation Information, established by KCD, already provides credit evaluation models to numerous financial institutions based on the business information of sole proprietors. As the only dedicated credit rating agency for sole proprietors in Korea, Korea Evaluation Information attracted new investment from Hana Bank this year, receiving market recognition for the excellence of its small business owner evaluation models.
Kim Dongho, CEO of KCD, said, “With Yujin Investment & Securities joining the Korea Soho Bank consortium, we expect to offer various customized investment products to Korean business owners throughout their business journey and retirement.” He added, “We will work with more companies to create the first bank dedicated to small business owners in Korea.”
Kyungmo Ko, CEO of Yujin Investment & Securities, stated, “A specialized bank for small business owners, who play a foundational role in the national economy, is urgently needed.” He added, “Yujin Investment & Securities will contribute to creating a close-knit financial investment environment for small business owners based on active collaboration with consortium member companies.”
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