Hana Bank and Woowa Brothers Begin Development of Credit Scoring Model Exclusively for Small Business Owners

On the afternoon of the 2nd, after signing a business agreement at the headquarters of Woowa Brothers located in Songpa-gu, Seoul, Jisung Kyu, CEO of Hana Bank (right), and Beomjun Kim, CEO of Woowa Brothers, are taking a commemorative photo. Photo by Hana Bank

[Asia Economy Reporter Kim Min-young] Hana Bank is partnering with Woowa Brothers, the operator of the delivery service application ‘Baedal Minjok,’ to develop an alternative credit evaluation model exclusively for small business owners.

Hana Bank announced on the 3rd that it has signed a strategic business agreement with Woowa Brothers. Since its launch in June 2010, Baedal Minjok has become the number one delivery app in Korea, with 130,000 self-employed users.

Through this agreement, Hana Bank and Woowa Brothers plan to establish a cooperative relationship for developing customized financial products and marketing aimed at financially vulnerable groups such as small business owners, based on core technologies and know-how.

Small business owners have found it difficult to receive financial benefits such as loans due to insufficient financial history for credit rating assessment. However, Hana Bank intends to expand the scope and benefits of financial support by developing a practical alternative credit evaluation model that reflects sales volume, business duration, and other factors using big data.

At the signing ceremony held yesterday at Woowa Brothers’ headquarters in Songpa-gu, Seoul, Hana Bank CEO Ji Sung-kyu stated, “Through this collaboration, we plan to expand financial benefits to financially vulnerable groups and actively lead the revitalization of local commercial districts. We will continue to provide innovative financial services for small business owners and actively practice inclusive finance.”

Last month, Hana Bank launched a mobile microloan service available on ‘Baemin Sajangnim Plaza,’ a site dedicated to self-employed business owners, and plans to release exclusive products including co-branded cards in the future.

This content was produced with the assistance of AI translation services.