Woori Bank Signs Agreement with Naver Financial for 'Inclusive Financial Support for Small Businesses'

Kwon Kwang-seok, President of Woori Bank (right), and Choi In-hyuk, CEO of Naver Financial, are posing for a commemorative photo after signing a business agreement on 'Inclusive Financial Support for Small Business Owners.'

[Asia Economy Reporter Kwangho Lee] Woori Bank announced on the 24th that it has signed an agreement on 'inclusive financial support for small business owners' with Naver Financial, Naver's financial subsidiary.

The two companies agreed to actively cooperate in developing digital convergence products combining finance and platform technology to support small business owners, as well as providing platform financial services.

They plan to launch a Woori Bank exclusive loan product for small business owners operating on the 'Naver Smart Store.' Although online business operators have had difficulty obtaining bank loans despite sufficient repayment ability, this exclusive product will allow them to receive loans at first-tier financial institution interest rates.

Additionally, they plan to launch a negative balance account (line of credit) so that online business operators can use necessary business funds in a timely manner.

Furthermore, they intend to expand the financial support cooperation project for small business owners by utilizing non-financial data and broadening the scope of loan recipients in the future.

Kwon Kwang-seok, CEO of Woori Bank, said, "COVID-19 has acted as a catalyst for the digitalization of all industries, and it is essential for banks to quickly adapt to this trend. I hope this agreement will be a good opportunity to create synergy by combining finance and platforms between the two companies."

He added, "We will actively utilize Woori Bank's strength in corporate finance know-how to provide competitive financial services for small business owners operating on Naver, the number one e-commerce company in Korea."

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