Korea Credit Data (KCD) announced on the 13th that MegaZone Cloud (CEO Dong-Hoon Yeom), a leading AI and cloud company, will join the Korea SOHO Bank (KSB) consortium, which is promoting the establishment of the 4th internet-only bank.
KSB Consortium had confirmed participation from major financial and IT companies including KCD, Woori Bank, Woori Card, ITCEN, Eugene Investment & Securities, and NH Nonghyup Bank. With the addition of MegaZone Cloud, KSB Consortium has secured the capability to develop customized financial services using cloud infrastructure and security technology, and generative AI. MegaZone Cloud is a company with the capability to build cloud infrastructure specialized for the financial industry, and is expected to play a key role in the digital financial innovation promoted by KSB Consortium.
The KSB Consortium plans to build a cloud-based BaaS (Banking-as-a-Service) platform by combining KCD’s nationwide network of 2.3 million business locations with MegaZone Cloud’s technological prowess. Through this, it is expected to create a top-level security environment required by the financial sector while also providing a foundation for providing customized financial services utilizing AI-based data analysis to small business owners and SMEs nationwide.
KCD is providing 'Cash Note', a business management service, to 1.7 million small business owners nationwide (as of March 2025). In addition, it is supplying services to 2.3 million businesses nationwide with community companies such as Korea Payment Networks, an online and offline payment specialist, I'm You, a POS and kiosk specialist, Korea's first full-time individual business credit rating agency, and Korea Business Experience, a customer experience provider specialized for small businesses. Cash Note started as a bookkeeping and sales management app and has now grown into a super app that takes charge of every moment of small business operations, including business management, financial services, product purchases, and communities.
Kim Dong-ho, CEO of Korea Credit Data, said, “Through MegaZone Cloud’s participation in the Korea Small Business Bank consortium, KSB’s cloud-based BaaS provision strategy for small and medium-sized businesses has gained the highest level of competitiveness in Korea,” and “Together with all consortium participants, we will create the first bank for small and medium-sized businesses in Korea.”
MegaZone Cloud CEO Dong-Hoon Yeom said, “MegaZone Cloud has accumulated experience in digital transformation in the financial sector based on its abundant experience and technological prowess in the areas of building and operating a stable cloud environment, cloud information security, and AI.” He added, “Through cooperation with the KSB Consortium, we will help small business owners and SMEs use financial services more conveniently and safely in a digital financial environment.”
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