K Bank Partners with Small and Medium Business Corporation to Introduce "100% Online Dedicated Policy Fund Account"

First Internet Bank to Sign MOU
Plans to Launch the Only 100% Online "Dedicated Policy Fund Account for the Small and Medium Business Corporation" in the Banking Sector

On the 30th, in the K Bank headquarters conference room, (from left) Byungju Kang, Head of Business Division at K Bank, and Ilha Kim, Director of Corporate Finance at the Small and Medium Business Corporation, attended the business agreement ceremony and took a commemorative photo. K Bank

On October 31, K Bank announced that it had become the first internet bank to sign a "Memorandum of Understanding (MOU) for the Soundness of Policy Funds" with the Small and Medium Business Corporation.

This agreement aims to support growth opportunities for sole proprietors and small and medium-sized enterprises by enhancing the convenience of non-face-to-face policy finance services. At the same time, it seeks to fundamentally prevent the misuse of policy funds for purposes other than their intended use, thereby increasing the transparency of fund execution.

To achieve this, the two organizations will introduce "dedicated policy fund accounts" and link a "pre-verification platform" to ensure the sound management of policy funds.

The Small and Medium Business Corporation will provide K Bank with a pre-verification system for dedicated policy fund accounts to prevent fund misappropriation and will support the account opening process for companies utilizing policy funds.

K Bank plans to launch, next month, the "dedicated policy fund account for the Small and Medium Business Corporation," which is the only product in the banking sector that can be opened 100% online. The bank will connect this product to the pre-verification platform of the Small and Medium Business Corporation to preemptively block the use of policy funds for unintended purposes.

Additionally, the two organizations will strengthen support by linking non-face-to-face financial services with policy programs, creating an environment in which sole proprietors and small and medium-sized enterprises can access policy funds more easily and quickly. As a result, it is expected that financial accessibility and convenience will be significantly improved, as fund management will be possible without restrictions of time or place.

Furthermore, both organizations plan to continuously explore various support measures that can substantively promote the growth of sole proprietors and small and medium-sized enterprises.

Byungjoo Kang, Head of Business Division at K Bank, stated, "This agreement is meaningful as it allows us to combine the convenience of internet banking with policy finance to provide more accessible policy fund services. Going forward, we will continue to work with the Small and Medium Business Corporation to explore various financial support measures that can serve as a catalyst for the growth of sole proprietors and small and medium-sized enterprises."