K Bank and Musinsa Designated as Innovative Financial Service for "Finance-Commerce Integration"

Exclusive Payment Benefits Service and Dedicated Debit Card for Musinsa Members to Launch by Q3
Synergy Expected from K Bank's Digital Finance Expertise and Musinsa's Lifestyle Platform Capabilities

On January 23, K Bank announced that its "lifestyle commerce-based financial service," jointly applied for with Musinsa and Musinsa Payments, has been designated as an innovative financial service by the Financial Services Commission.

This designation as an innovative financial service is part of the business agreement (MOU) for "lifestyle commerce-based financial innovation" signed between K Bank and Musinsa in August of last year.

Based on this designation, the two companies plan to introduce a new type of lifestyle-oriented financial service that combines finance and commerce within the third quarter of this year.

This service will consist of payment benefit services for Musinsa members and a dedicated debit card. Moving beyond the traditional structure of partnership deposit and withdrawal accounts that offer fixed interest rates for certain deposits, it aims to present a new form of financial service that reflects Musinsa users' usage patterns and customer characteristics.

Customers using Musinsa Money will be able to link their prepaid funds with a K Bank partnership account for real-time top-ups and balance inquiries. In addition, by providing various benefits based on specific periods or usage frequency for Musinsa customers, the goal is to enhance both customer convenience and perceived value.

K Bank expects that, through this designation as an innovative financial service, it will be able to deliver a differentiated customer experience by combining its expertise in operating a mobile financial platform and its accumulated digital finance know-how in the lifestyle finance sector with Musinsa's lifestyle commerce platform.

A K Bank representative stated, "Through our collaboration with Musinsa, Korea's leading lifestyle platform, we have been able to propose a new financial service model that connects finance and commerce," adding, "We will continue to collaborate in various ways to enhance both the shopping experience and financial convenience for our customers."