Korea Federation of Micro Enterprises Expresses Regret Over Rejection of Preliminary Approval for Fourth Internet-Only Bank

"Efforts to Relaunch Must Be Made as Soon as Possible"

The Korea Federation of Micro Enterprises has expressed its regret over the decision to reject preliminary approval for the fourth internet-only bank.

On September 19, the federation stated in an official statement, "As the financial authorities' review resulted in no consortium being granted the opportunity to establish a bank, the hopes of alleviating the difficulties faced by micro enterprises through financial means have been dashed."

The federation added, "A specialized internet bank for micro enterprises was expected to break down the high financial barriers faced by micro business owners through a sophisticated credit evaluation model and lay the foundation for a mutually beneficial economy." "Although the preliminary approval for the fourth internet-only bank has fallen through this time, the justification for establishing a bank specialized for micro enterprises has not disappeared," it emphasized.

It continued, "We hope that efforts to relaunch the fourth internet-only bank specialized for micro enterprises will be made as soon as possible, so that inclusive finance for micro business owners can be promoted."