Woori Bank Partners with Gwangjang Market to Strengthen Financial Support for Small Businesses

Launch of 'Uri Sajangnim Hwaljjak Pin Jeokgeum' Savings Account for Small Business Owners

[Image source=Yonhap News]

Woori Bank is strengthening win-win finance for small merchants in traditional markets by forming partnerships with them.

Woori Financial Group announced on the 5th that Woori Bank has signed the ‘Janggeumi No. 1 Partnership’ with Gwangjang Market. The event held at Woori Bank Jongno 4-ga Financial Center in Jongno-gu, Seoul, was attended by Lee Young, Minister of SMEs and Startups, Lee Bok-hyun, Governor of the Financial Supervisory Service, Lim Jong-ryong, Chairman of Woori Financial Group, and Kim Young-jae, Chairman of the Gwangjang Market Merchants’ Association.

‘Janggeumi’ is a combination of ‘Jang (場),’ meaning market, and ‘Geum (金),’ meaning financial institution, symbolizing healing difficulties through finance. Through the ‘one market, one financial institution’ partnership, the plan is to establish a close cooperative relationship between traditional market small merchants and banks to prevent financial fraud and support win-win finance.

On the same day, Woori Bank also launched ‘Woori Sajangnim Hwaljjak Pin Jeokgeum’ (Woori Boss’s Blooming Savings), a win-win finance product to help small merchants secure self-reliance funds. When preferential conditions such as loan repayment with the maturity funds are met, an additional preferential interest rate is applied, offering up to 10% annual interest. Individual business owners with a business registration certificate can subscribe at Woori Bank branches or through the Woori Bank corporate banking application ‘WooriWON Corporate.’

A Woori Bank official emphasized, “‘Woori Sajangnim Hwaljjak Pin Jeokgeum’ was launched to provide practical support to small merchants struggling amid economic uncertainty.”

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