Busan Bank Signs MOU with KCD to Support Small Business Owners

BNK Busan Bank announced on June 13 that it had signed a strategic Memorandum of Understanding (MOU) with Korea Credit Data (KCD) at its Munhyeon headquarters in Nam-gu, Busan, to support small business owners and revitalize the local economy.

This agreement reflects the shared commitment of both parties to drive sustainable growth in the local economy by combining Busan Bank's financial infrastructure in the Busan-Ulsan-Gyeongnam region with Korea Credit Data's digital capabilities.

The two companies plan to gradually implement a wide range of collaborative measures that can provide practical support for small business owners and contribute to local economic revitalization. These include nurturing entrepreneur-type small business owners (referred to as "Raicon") to boost local commercial districts, supporting small business startups and business management consulting, facilitating digital transformation, and developing specialized, customized financial and digital services for small businesses.

Bang Seongbin, President of Busan Bank, and Kim Dongho, CEO of Korea Credit Data (KCD), are posing for a commemorative photo. Provided by BNK Busan Bank

Through this agreement, BNK Financial Group will also actively support the newly established "Regional Economy Hope Center," which was created to expand tailored financial support for small business owners and self-employed individuals. The group plans to make comprehensive efforts to restore livelihoods and revitalize the local economy.

Kim Yongkyu, Head of Business Strategy Group at Busan Bank, stated, "This agreement goes beyond a simple business partnership and demonstrates Busan Bank's practical commitment to continuing innovative collaboration that transcends the boundaries between financial and non-financial sectors, in order to support the growth and recovery of small business owners as the region's representative financial institution."

Lim Jihyun, Chief Business Officer of Korea Credit Data, said, "We are pleased to be able to support local small business owners in partnership with Busan Bank, the leading financial institution in the Busan-Ulsan-Gyeongnam region. Based on real business management data from 1.8 million small business establishments nationwide, we will work together to provide a variety of customized financial and digital services."