Eugene Investment & Securities is participating in the Korea Small Business Bank consortium, Korea Credit Data (KCD) announced on the 11th. Eugene Investment & Securities has joined the Korea Small Business Bank consortium by submitting a letter of intent to invest this time. With Eugene Investment & Securities’ participation, it is expected that it will be able to provide customized financial products and asset management services for small business owners, as well as specialized services for small business owners.
With this participation, a total of three financial companies will join the Korea Soho Bank consortium, which is noteworthy as the case in which the largest number of financial companies participated among the consortiums promoting the establishment of new internet-only banks. In May and July of last year, Woori Bank and Woori Card expressed their intention to participate, and non-financial company ITcen also made its participation official.
Korea Credit Data (KCD), which leads the consortium, has been providing stable financial services to small business owners and is currently providing 'Cash Note', a management service, to 1.7 million small business owners nationwide. In addition, it is providing services in cooperation with various community companies such as Korea Payment Networks, a company specializing in online and offline payments, I'm You, a POS and kiosk company, Korea Information Services, a full-time individual business credit rating agency, and Korea Business Experience, a customer experience provider specializing in small business owners. 'Cash Note' started as a bookkeeping and sales management app and has now developed into a super app that supports every moment of small business operations, including management, financial services, purchasing goods, and communities.
One of the competitive advantages of the KCD consortium is its ability to provide credit ratings to small business owners. Korea Information Services, established by KCD, provides credit rating models to a number of financial institutions based on the business information of individual business owners, and as the only full-time individual business credit rating agency in Korea, has already attracted investment from major financial institutions, including Hana Bank.
Kim Dong-ho, CEO of KCD, said, “With Eugene Investment & Securities’ participation in the Korea Small Business Bank consortium, we expect that small business owners in Korea will be able to receive a variety of customized investment products from the start of their business to retirement,” and added, “We will create the first bank for small business owners in Korea through a differentiated bank.”
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