BNK Busan Bank Joins Korean Soho Bank Consortium

BNK Busan Bank has officially confirmed its participation in the Korea Soho Bank consortium. The Korea Soho Bank consortium includes four banks and a total of six financial companies, securing a broad financial network.

Korea Credit Data (KCD), which leads the Korea Soho Bank consortium, announced on the 20th that BNK Busan Bank has submitted a letter of intent to invest in the consortium. The Korea Soho Bank consortium includes BNK Busan Bank, Woori Bank, NH Nonghyup Bank, and OK Savings Bank, while non-bank financial companies such as Eugene Investment & Securities and Woori Card, as well as IT companies Megazone Cloud and ITCEN, have officially confirmed their participation.

With BNK Busan Bank joining, the Korea Soho Bank consortium is expected to strengthen community-based financial support while achieving nationwide innovation in financial services for small business owners.

KCD, leading the consortium, operates 'Cash Note,' which provides management and financial services to small business owners nationwide. It supplies services to 2.3 million business sites in collaboration with Korea Payment Networks, a specialist in online and offline payments, I'm U, a POS and kiosk specialist company, and Korea Credit Information Services, a credit rating agency for individual business owners.

Kim Dong-ho, CEO of KCD, stated, “With BNK Busan Bank joining, the Korea Soho Bank consortium has built a stronger financial ecosystem. Now, based on a powerful nationwide financial network and community-based financial services, we will create an environment where small business owners can more easily access finance. Starting with collaboration with BNK Busan Bank, we will do our best to provide nationwide financial support for small business owners and create the first bank dedicated to them.”