Duzon Bizon Will Not Participate in the 4th In-Bank

Judged Limited Practical Benefits in New Businesses That Could Cause Volatility
However, Collaboration with Shinhan Bank Will Continue

The Duzon Bank consortium, once considered a strong candidate for the 4th internet-only bank, has decided not to participate in the preliminary licensing. It is interpreted that they judged the pursuit of new businesses, which could cause short-term volatility, to have limited practical benefits.

On the 17th, Duzon Bizon announced that it would not apply for the 4th internet-only bank preliminary license as it readjusts its 'innovative financial platform' business strategy.

A Duzon Bizon official stated, "During the preparation process for the internet-only bank preliminary license application, we received multifaceted consulting on strategy, finance, law, and ICT, considering competition with existing banking businesses, and continuously reviewed and deliberated on the business plan. After careful consideration by the management, we decided not to participate in the preliminary license application. Moving forward, we will leverage Duzon Bizon's strengths to complete a unique data-driven financial platform and provide greater value and innovation to our customers."

The 'Duzon Bank' consortium led by Duzon Bizon was regarded as a leading candidate among the consortia participating in the 4th internet-only bank. This was due to Duzon Bizon's capital strength and data technology, along with the likely participation of Shinhan Bank, which was the only commercial bank that had not invested in internet-only banks.

However, Duzon Bizon stated that even after deciding not to participate in the preliminary licensing for the internet-only bank, the cooperative relationship with Shinhan Bank is expected to continue. They plan to jointly develop various innovative business models reviewed during the consortium preparation stage, including a new platform considering Shinhan Bank's financial innovation direction and mutual win-win outcomes.

A Duzon Bizon official said, "Through this strategic shift, Duzon Bizon has chosen long-term stability and innovation over short-term volatility. We will fulfill our responsibilities to customers and society by strengthening financial innovation and global competitiveness through AI and data analysis technologies."

Meanwhile, among the six consortia that have officially declared their candidacy so far, only five?Korea Small Office Bank (KCD Bank), U Bank, Soso Bank, AMZ Bank, and Podo Bank?remain to compete for the new license.