4InBank Consortium Korea SoHo Bank to Establish Headquarters in Daejeon

Korea Credit Data and Daejeon City Sign Business Agreement
First Local Government to Join the 4th Internet Bank Consortium

Korea Credit Data (KCD) and Daejeon City announced on the 25th that they held a signing ceremony at Daejeon City Hall and will participate in the 4th internet bank consortium, Korea Soho Bank.

Both parties agreed to establish the headquarters and core financial infrastructure of Korea Soho Bank in Daejeon. KCD plans to provide differentiated innovative financial services to small and medium-sized enterprises, small business owners, and local residents in the Daejeon and Chungcheong regions. Daejeon City will actively support the approval process for the establishment of Korea Soho Bank and help establish regional finance through discovering region-specific projects and linking policy funds.

The Korea Soho Bank consortium includes Woori Bank, Woori Card, Eugene Investment & Securities, and ITCEN, who have expressed their intention to participate. NongHyup Bank is also reportedly considering participation.

On the 25th, Kim Dong-ho, CEO of KCD (left in the photo), and Lee Jang-woo, Mayor of Daejeon, are taking a commemorative photo in the conference room of Daejeon City Hall. Photo by KCD

Kim Dong-ho, CEO of KCD, said, “We are promoting the establishment of Korea Soho Bank to provide a credit evaluation system and customized financial services that reflect the business capabilities of small business owners and self-employed individuals in Korea.” He added, “Based on cooperation with Daejeon City, we will lead regional financial innovation and make it the first bank to provide optimal financial services to small business owners in Korea.”

Lee Jang-woo, Mayor of Daejeon City, said, “A regional financial foundation is essential for the startup and management stability of small and medium-sized enterprises and small business owners in Daejeon.” He added, “We will actively promote the establishment of an internet-only bank headquartered in Daejeon and create a regional financial ecosystem that spreads throughout the Chungcheong region centered on Daejeon.”