NH Nonghyup Bank Joins Korea SOHO Bank Consortium

## NH NongHyup Bank Joins Korea SOHO Bank Consortium… Online Bank Specialized for Small Business Owners Gains Momentum NH NongHyup Bank has officially joined the Korea SOHO Bank consortium, led by Korea Credit Data (KCD), signaling a green light for the establishment of an internet-only bank specialized for small business owners. This decision, made after careful consideration and external consulting, is expected to become a significant turning point in providing innovative financial services to underserved regional small business owners. On the 10th, KCD announced that NH NongHyup Bank had submitted a letter of intent to invest in the consortium, emphasizing that this marks the second participation by a major domestic bank, following Woori Bank last year. With Woori Bank, Woori Card, Eugene Investment & Securities, and non-financial company ITEN already participating, NH NongHyup Bank's entry provides the Korea SOHO Bank consortium with overwhelming scale and financial strength. KCD, leading the consortium, has already secured a strong foundation by providing its business management service 'Cashnote' to 1.7 million small business owners. Starting as a ledger and sales management app, it has now evolved into a super app covering the entire process of small business operations, including business management, finance, product procurement, and community features. Furthermore, through affiliated companies like Korea Payment Networks and I'M U, it supplies services to 2.3 million businesses nationwide, solidifying its unique position. The core competency of the KCD consortium, 'small business credit evaluation capability,' was crucial to NH NongHyup Bank's decision to join. Korea Credit Information (KCI), established by KCD, is the nation's only specialized credit rating agency for individual business owners, providing credit evaluation models to numerous financial institutions based on their operational data. Notably, it has attracted investments from six banks, including Hana Bank, KB Kookmin Bank, iM Bank, IBK Industrial Bank of Korea, JB Jeonbuk Bank, and KakaoBank, thereby demonstrating the excellence of its small business credit evaluation model in the market. An NH NongHyup Bank official stated, "Our goal is to provide a wide range of financial services, extending beyond corporate finance to small business owners across South Korea," adding, "We highly value KCD's credibility, stemming from its coverage of 1.7 million business establishments and its status as a unicorn company specializing in small businesses." The official also expressed the ambition to "introduce innovative internet banking services through the combination of NH NongHyup Bank's nationwide branch network and small business data based on Cashnote." A KCD official welcomed NH NongHyup Bank's participation, stating that it ensures stability in capital and fundraising, and helps resolve issues of financial supply to regional small and medium-sized enterprises and financially underserved small business owners. Emphasizing, "Through this partnership, we have built cooperative relationships with leading domestic financial institutions, and we are committed to launching 'the first bank' that is truly essential for small business owners," the official conveyed a strong will for the successful launch of the internet-only bank specialized for small businesses.