Heungkuk Life Insurance and Hwajae Join Korea SoHo Bank Consortium, First in Insurance Industry

Korea Credit Data (KCD), leading the Korea Soho Bank consortium, announced on the 26th that Heungkuk Life Insurance and Heungkuk Fire & Marine Insurance have confirmed their participation in the Korea Soho Bank consortium.

This is the first time an insurance company has decided to join the consortium. The Korea Soho Bank consortium includes banks such as KCD, Woori Bank, NH Nonghyup Bank, Hana Bank, BNK Busan Bank, and OK Savings Bank, as well as financial companies like Woori Card and Eugene Investment & Securities. IT innovation companies such as LG CNS, ITCEN, and Megazone Cloud have also joined forces. With the participation of Heungkuk Life Insurance and Heungkuk Fire & Marine Insurance, the Korea Soho Bank consortium is expected to complete a new full-stack financial ecosystem for small business owners that encompasses insurance within the financial sector.

Heungkuk Life Insurance and Heungkuk Fire & Marine Insurance plan to provide not only the insurance companies' roles of risk management and guarantee services but also customized insurance and financial products tailored to the diverse financial needs of small business customers. Through this, they aim to enhance the management stability of small business owners and support systematic preparation for future risks.

A representative from Heungkuk Life Insurance stated, “Heungkuk Life Insurance decided to participate in the Korea Soho Bank consortium with the belief that the future of small business owners is ultimately the future of Korea’s finance. Beyond insurance, we will take the lead in creating an environment where small business owners can operate their businesses with peace of mind through convergence with digital finance and realize a sustainable win-win model.”

A representative from Korea Credit Data said, “Together with Heungkuk Life Insurance, Heungkuk Fire & Marine Insurance, and others, the Korea Soho Bank consortium will create unprecedented financial innovation for small business owners. We will build the first bank for small business owners that simultaneously supports the stability and growth of their lives together with consortium participants.”