Korea Credit Data and Daejeon City Partner to Establish 'SoHo Bank,' Leading Local Financial Innovation

A New Horizon for Innovative Finance for Small Business Owners: Daejeon-Korea Credit Data Cooperate to Establish Korea SOHO Bank A new wave is sweeping through the domestic financial market. Korea Credit Data (KCD) and Daejeon City have joined hands to officially announce the establishment of 'Korea SOHO Bank,' the nation's first internet-only bank specialized for small business owners, heralding a new era. This is an ambitious move to provide customized innovative financial solutions to small business owners who have been in the blind spots of the existing financial sector. Through a historic agreement signed at Daejeon City Hall on the 25th, both parties agreed to establish Korea SOHO Bank's headquarters and core financial infrastructure in Daejeon, declaring a strong commitment to revitalizing the local economy and promoting financial innovation. Korea Credit Data's unique data and know-how, accumulated through providing the business management service 'Cashnote' to 1.7 million small business owners nationwide, are expected to play a crucial role in enabling 'Korea SOHO Bank' to understand the practical needs of small business owners and provide them with optimized financial models. Daejeon City plans to not only actively support the bank establishment approval process for the success of this important project but also provide full support to help Korea SOHO Bank establish itself as a leading hub that extends beyond the Daejeon-Chungcheong region to spearhead the financial ecosystem for small business owners across South Korea, through the discovery of region-specific businesses and linkage with policy funds. Already, leading financial and IT companies such as Woori Bank, Woori Card, Eugene Investment & Securities, and IT Cen have expressed their intention to participate in the Korea SOHO Bank consortium, demonstrating keen industry interest. This reflects the expectation that 'Korea SOHO Bank' will go beyond being a mere internet-only bank to set a new standard for small business finance. Kim Dong-ho, CEO of Korea Credit Data, expressed his ambition, stating, "Based on our cooperation with Daejeon City, we will lead local-based financial innovation and develop this into the first bank to provide optimal financial services to small business owners in South Korea." Daejeon Mayor Lee Jang-woo also shared a vision of financial innovation that coexists with the region, saying, "We will actively promote the establishment of an internet-only bank headquartered in Daejeon to create a regional financial ecosystem that spreads from Daejeon throughout the Chungcheong region." 'Korea SOHO Bank' is expected to serve as a reliable partner supporting the growth and development of small business owners, offering new hope and opportunities to the small business owners who form the foundation of the South Korean economy.