Hana Bank announced its participation in the Korea Small Business Bank consortium.
Korea Credit Data (KCD), which is leading the Korea Small Business Bank consortium, announced on the 24th that Hana Bank has submitted a letter of intent to invest. The Korea Small Business Bank consortium already has four banks, Woori Bank, NH Nonghyup Bank, BNK Busan Bank, and OK Savings Bank, as well as non-banking financial institutions such as Eugene Investment & Securities and Woori Card, and major domestic IT companies such as Megazone Cloud and ITcen, who have officially confirmed their participation.
With Hana Bank’s declaration of participation, the Korea Soho Bank consortium has completed an overwhelming financial network. The Korea Soho Bank consortium has great symbolic significance in that it shows that the domestic financial sector has come together to establish a bank for small business owners, as three of the five major domestic commercial banks, more than half of them, have decided to participate in the consortium.
With this collaboration, Korea Credit Data and Hana Bank plan to focus on enhancing the financial/non-financial service competitiveness of small and medium-sized businesses nationwide and increasing the accessibility of digital and mobile finance for small and medium-sized businesses that were relatively vulnerable. Hana Bank will also pursue specialized financial support for local small and medium-sized businesses together with the Korea Small and Medium-sized Business Bank Consortium. In February, Daejeon Metropolitan City signed a business agreement with Korea Credit Data to establish Korea Small and Medium-sized Business Bank, formalizing its support for the Korea Small and Medium-sized Business Bank Consortium.
Korea Credit Data (KCD), which leads the consortium, operates CashNote, which provides management and financial services to small business owners nationwide, and provides services to 2.3 million businesses together with Korea Payment Networks, an online and offline payment company, I'mU, a POS and kiosk company, and Korea Information Services, a credit rating agency for individual business owners. CashNote has grown into a super app that supports all business operations of small business owners, from sales management to financial services, product purchases, and community functions.
A Hana Bank official said, “We decided to participate in this consortium in order to expand the provision of digital financial services tailored to small business owners nationwide, while also participating in regional financial revitalization and realizing win-win finance.” He added, “Through cooperation with Korea Credit Data, we plan to increase small business owners’ accessibility to digital finance and introduce various financial solutions, such as differentiated asset management services.”
A KCD official said, “Hana Bank’s participation in the Korea Small Business Bank Consortium is a historic declaration by leading banks in Korea to support and join in the establishment of the first bank for small businesses, and it holds significance in opening a new future for the small business finance market in Korea.” He added, “The Korea Small Business Bank Consortium will create an environment in which any small business can easily access finance by harmonizing a nationwide financial network and local services.”
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