Woori Bank Signs Financial Support Agreement for Small Businesses with Korea Credit Data
[Asia Economy Reporter Kim Hyo-jin] Woori Bank announced on the 22nd that it has signed a business agreement with Korea Credit Data, a developer and operator of a sales management platform for small business owners, to support financing for small business owners.
Korea Credit Data is a first batch company of Dino Lab, Woori Financial Group's fintech incubation program, and operates 'Cash Note,' a comprehensive management service used at 550,000 business sites nationwide. Cash Note allows users to manage card sales, delivery app sales, cash receipt, and tax invoice details through KakaoTalk alone, without installing a separate app.
Through this agreement, Woori Bank will promote policy financial products related to companies affected by the novel coronavirus infection (COVID-19) to small business owners via Cash Note's full banner and other channels. The two companies plan to continue their strategic partnership by combining financial data and card sales data through application programming interfaces (APIs) and promoting the development of dedicated non-face-to-face products based on big data analysis algorithms.
Meanwhile, last year Woori Bank launched 'Woori Sajangnim e-Pyeonhan Account' and 'Woori Sajangnim e-Pyeonhan Account Loan,' non-face-to-face products exclusively for small business owners, which have been well received by those who find it difficult to visit branches. From the end of this month, applications for COVID-19 small business owner interest subsidy loans will be available through the mobile banking app 'Woori WON Banking.'
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A Woori Bank official said, "We empathize with the difficulties faced by small business owners affected by COVID-19 and will strive to provide more convenience and benefits," adding, "We plan to expand non-face-to-face channels to support affected companies and continuously discover collaborative models that can provide practical support."
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