Sejong City and Sosobank Sign Agreement to Provide Specialized Financial Services for Small Business Owners

Vitalizing the Local Economy and Addressing Financial Blind Spots Expected

Clockwise: Park Junduk, Chairman of Sosobank Establishment Preparation Committee, and Choi Minho, Mayor of Sejong Special Self-Governing City. Photo by Economic Industry Bureau Small Business Division

On June 12, Sejong City signed a "Business Agreement for the Establishment of the 4th Internet-Only Bank, Sosobank" with the Sosobank Establishment Preparation Committee.

The signing ceremony was attended by Choi Minho, Mayor of Sejong City, Park Junduk, Chairman of the Sosobank Establishment Preparation Committee, and about 10 other related officials.

Sosobank has pledged to establish its headquarters and key infrastructure in Sejong City and to provide specialized innovative financial services for local small business owners and residents. Sosobank is being established with the aim of becoming a specialized internet-only bank for small business owners and small enterprises nationwide. So far, it has secured 8.5 million MOU members across the country. In particular, Sosobank has signed agreements with 38 organizations, including the Korea Federation of Micro Enterprise, the largest statutory organization for small business owners in Korea, and has formed an establishment preparation committee with the participation of over 50 related organizations. In March, the committee officially submitted an application for approval to the financial authorities.

The city expects that, based on this agreement, it will be able to jointly discover regionally specialized projects with Sosobank, thereby contributing to revitalizing the local economy and addressing financial blind spots.

Park Junduk stated, "I am very pleased to cooperate with Sejong City, which holds special significance in regional balanced development policies such as the relocation of the administrative capital, for the establishment of Sosobank dedicated to small enterprises and small business owners."

Choi Minho said, "We will support Sosobank so that it can invigorate the local economy and become a turning point for the expansion of customized financial services for small business owners and citizens." He added, "We will continue to strengthen the foundation for financial innovation and actively cooperate to create a digital financial ecosystem that coexists with the local community."

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