Savings Banks-On2u Loan Product Agreement... Oh Hwa-kyung, Central Association President, "Expansion of Supply for Low to Medium Credit Borrowers"

Agreement Signed Between 29 Savings Banks and 5 Online Investment-Linked Finance Companies

From now on, low- to medium-credit borrowers will be able to more easily access products created by online investment-linked finance companies through savings banks.

The Korea Federation of Savings Banks signed a business agreement (MOU) on linked investment for online-to-offline linked loan products with savings banks on the 19th at the Federation's main conference room in Mapo-gu, Seoul. A commemorative photo of the officials.

From the left: Jeong Gil-ho, CEO of OK Savings Bank; Hong Jae-seon, Officer at the Financial Services Commission; Lee Sang-gyu, CEO of Money Move; Seo Sang-hoon, CEO of Earnest AI; Shin Sang-hoon, Manager at the Financial Services Commission; Oh Hwa-kyung, Chairman of the Federation; Hong Jae-moon, Chairman of the Online-to-Offline Association; Lee Su-hwan, CEO of PF City; Lee Hyo-jin, CEO of 8 Percent; Jeon Ji-seon, CEO of Mooda; Kang Dae-young, CEO of Woongchang Savings Bank; Choi Byung-joo, Executive Director of the Federation. Provided by the Korea Federation of Savings Banks.

The Korea Federation of Savings Banks announced that it signed a comprehensive business agreement for linked investments between savings banks and online investment-linked finance companies, holding the signing ceremony on the 19th.

Previously, on July 24 last year, the Financial Services Commission designated linked investments between savings banks and online investment-linked finance companies as an innovative financial service.

This financial service involves savings banks providing the necessary funds for personal borrower credit loans recruited and screened by online investment-linked finance companies.

The Federation and the online investment-linked finance companies signed the agreement to promote cooperation such as establishing linked investment business methods, developing and operating IT systems, and sharing information.

The Federation expects that combining the credit evaluation technology of online investment-linked finance companies with the savings banks’ know-how in microfinance and financial capacity will help increase personal credit loans for low- to medium-credit borrowers.

Investing savings banks are also expected to secure new business channels.

Oh Hwa-kyung, Chairman of the Federation, said, "This is the first financial service implemented with the participation of 29 savings banks and 5 online investment-linked finance companies," and urged, "Let us work closely together to ensure more financial supply to financially vulnerable groups."

The service plans to complete the development of the linked investment system by the end of this month and will be gradually implemented from next month through individual contracts with 34 companies.

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