Korean SOHO Bank Consortium Secures Participation from Four Banks Including NH Nonghyup, BNK Busan, and OK Savings Bank
Eugene Investment & Securities, Woori Card, and Other Non-Bank Financial Institutions Officially Join
Hana Bank is participating in the Korean SOHO Bank consortium among the fourth internet bank applicants.
Korea Credit Data (KCD), which leads the Korean SOHO Bank consortium, announced on the 24th that Hana Bank has submitted a letter of intent to invest.
The Korean SOHO Bank consortium has already officially confirmed participation from four banks including Woori Bank, NH Nonghyup Bank, BNK Busan Bank, and OK Savings Bank, as well as non-bank financial companies such as Eugene Investment & Securities and Woori Card, and leading domestic IT companies like Megazone Cloud and ITCEN.
With Hana Bank's declaration of participation, the Korean SOHO Bank consortium has completed an overwhelming financial network. The consortium's symbolic significance is high as three out of the five leading domestic commercial banks have decided to join, showing the domestic financial sector's unified intention to establish a bank for small business owners.
Korea Credit Data and Hana Bank plan to focus on enhancing the competitiveness of financial and non-financial services for small business owners nationwide and improving the relatively weak digital and mobile financial accessibility for small business owners through this collaboration. Hana Bank will also promote specialized financial support for local small business owners together with the Korean SOHO Bank consortium. In February, Daejeon Metropolitan City officially expressed support for the Korean SOHO Bank consortium by signing a business agreement with Korea Credit Data for the establishment of the Korean SOHO Bank.
Korea Credit Data (KCD), leading the consortium, operates Cash Note, which provides management and financial services to small business owners nationwide, and 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, a credit rating agency for individual business owners. Cash Note has grown into a super app supporting all business operations of small business owners, from sales management to financial services, purchasing goods, and community functions.
A Hana Bank official said, "Our participation in this consortium was decided to expand the provision of specialized digital financial services to small business owners nationwide while participating in revitalizing regional finance and realizing win-win finance." They added, "Through cooperation with Korea Credit Data, we plan to enhance small business owners' digital financial accessibility and introduce various financial solutions such as differentiated asset management services."
A KCD official stated, "Hana Bank's participation in the Korean SOHO Bank consortium is a historic declaration that Korea's representative banks support and join the establishment of the first bank for small business owners, opening a new future for Korea's small business financial market." They continued, "The Korean SOHO Bank consortium will create an environment where any small business owner can easily access finance through the harmony of a nationwide financial network and community-based services."
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