Gwangju Bank-KCB-Finda Sign Agreement to Promote Innovative Financial Services

[Asia Economy Honam Reporting Headquarters Reporter Park Jin-hyung] Gwangju Bank announced on the 16th that it has signed a strategic business agreement on innovative financial services with Korea Credit Bureau and Finda.

The agreement was conducted via a non-face-to-face video method to prevent the spread of COVID-19. The three participating institutions agreed to jointly promote innovative financial products aimed at credit score management to expand loan opportunities and enhance financial benefits for Thin Filer customers. For the first time in the financial sector, a bank, a credit rating agency, and a fintech company will work together to practice inclusive finance.

Thin Filers refer to individuals who are excluded from financial services due to a lack of financial transaction history such as loan records or credit card usage, mainly including young adults starting their careers or retirees.

Under the current credit rating evaluation methods of commercial banks, these individuals are highly likely to receive low ratings, making it virtually impossible to obtain low-interest loans.

Accordingly, each company plans to develop exclusive loan and credit card products for Thin Filer customers to help manage their credit and provide customized financial benefits. They will also share and utilize each company's customer touchpoints and platforms to conduct joint marketing.

Song Jong-wook, President of Gwangju Bank, stated, “We will do our best to fulfill our corporate social responsibility by innovating financial services based on organic cooperation with leading companies in each industry and practicing inclusive finance that embraces financially marginalized groups.”

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