K Bank to Launch Exclusive Financial Services for Musinsa

Business Partnership Signed
Exclusive Payment Benefits and Debit Card for Musinsa Members
Financial Solutions for Sellers

On August 19, K Bank announced that it had signed a memorandum of understanding (MOU) with Musinsa and Musinsa Payments for financial innovation based on lifestyle commerce.

The signing ceremony was held at the Musinsa headquarters in Seongsu-dong, Seoul, with representatives from all three companies in attendance. Through this agreement, the three companies plan to develop differentiated financial products and services for customers who use Musinsa. They will also build a dedicated financial infrastructure for individual business owners who are sellers on the Musinsa platform.

First, they will develop exclusive payment benefit services and a debit card for Musinsa members. The plan is to introduce new types of financial services tailored to the characteristics of platform users. For example, the more customers use Musinsa, the more diverse benefits they will receive, and surprise rewards based on specific periods or usage frequency will be provided in a simpler and more intuitive way. Customized financial solutions for sellers who list and sell products on Musinsa will also be prepared. In addition, the companies plan to continue collaborative activities such as joint marketing and expanding customer touchpoints. They are also considering expanding the scope of cooperation to include platforms operated by Musinsa, such as 29CM and Soldout, in the future.

At the Musinsa headquarters in Seongsu, Seoul, Byungju Kang, Head of K Bank Business Division (right), and Youngjun Choi, CEO of Musinsa Payments and Musinsa CFO (left), are attending the business agreement ceremony and posing for a commemorative photo. K Bank

Kang Byungju, Head of K Bank Business Division, said, "Through collaboration with Musinsa, the number one fashion platform in Korea, we expect to create a synergy effect by connecting finance and commerce in a lifestyle-oriented platform," adding, "We will strive to introduce new partnership products and services that have not been seen before, adding innovation to our customers' lifestyles."

Choi Youngjun, CEO of Musinsa Payments, said, "Musinsa continues to provide differentiated benefits to customers by introducing services such as Musinsa Pay, a simple payment solution, and Musinsa Money, the first prepaid recharge service among fashion platforms," adding, "Based on our cooperation with K Bank, we will further strengthen practical benefits so that Musinsa members can enjoy a more convenient and enjoyable shopping experience."