KakaoBank and Busan Bank Join Forces for Joint SME Lending

KakaoBank and Busan Bank have joined hands to expand financial support for small and medium-sized enterprises (SMEs).

원본보기 아이콘

On April 13, KakaoBank and Busan Bank announced that they had signed a memorandum of understanding (MOU) at the Busan Bank headquarters in Nam-gu, Busan, to launch a joint lending program for SMEs. Through this agreement, the two companies plan to introduce joint loan products targeting SMEs and individual entrepreneurs, expand financial support, and carry out various cooperative projects such as developing new financial services. Their aim is to enhance access to funding for local businesses and strengthen productive finance.

KakaoBank will leverage its platform competitiveness and digital technology, which are backed by a customer base of 27 million, while Busan Bank will contribute its regional corporate finance infrastructure. Together, they plan to establish a collaborative model between internet-only banks and regional banks. KakaoBank CEO Yoon Ho-Young stated, "This agreement marks an opportunity to expand the inclusiveness of regional finance and strengthen productive finance. We will work together for the regional economy based on technology and data." Kim Sung-Joo, CEO of Busan Bank, added, "This is the starting point for building a new financial model that combines corporate finance with digital platforms. We will continue to expand digital-based financial services for individual entrepreneurs and SMEs."

© The Asia Business Daily(www.asiae.co.kr). All rights reserved.