Hana Bank Joins Korea SOHO Bank Alliance

## Hana Bank Joins Korea SOHO Bank Consortium…'Green Light' for Financial Innovation for Small Business Owners The sails of financial innovation for South Korea's small business owners have been hoisted. Hana Bank, one of Korea's leading banks, has officially joined the Korea SOHO Bank Consortium, led by Korea Credit Data (KCD), significantly raising expectations for the establishment of a bank specializing in small business owners. KCD officially announced on the 24th that it had received a letter of intent to invest from Hana Bank. Previously, four banks including Woori Bank, NH Nonghyup Bank, BNK Busan Bank, and OK Savings Bank, as well as non-bank financial institutions like Eugene Investment & Securities and Woori Card, and prominent domestic IT companies such as Megazone Cloud and ITEN, had already formalized their participation. With Hana Bank's entry, the consortium has truly established an 'overwhelming financial network.' Notably, the fact that three out of Korea's top five commercial banks (Hana, Woori, Nonghyup) — more than half — are participating holds significant symbolic meaning, indicating that the domestic financial sector has united its efforts for the establishment of a bank for small business owners. The core objective of this collaboration is to enhance the financial and non-financial service competitiveness of small business owners nationwide and to dramatically improve digital and mobile financial accessibility, which has been relatively weak. Hana Bank plans to actively pursue specialized financial support for local small business owners in conjunction with the consortium. As Daejeon Metropolitan City officially pledged its support for the consortium by signing a business agreement with Korea Credit Data for the establishment of Korea SOHO Bank in February, expectations for the realization of community-focused financial services are growing even higher. Korea Credit Data (KCD), which leads the consortium, has already been serving as a hub for the small business financial ecosystem by operating 'Cashnote,' which provides business management and financial services to 2.3 million businesses. Through synergies with Korea Payment Networks (an online/offline payment specialist), I'mU (a POS and kiosk specialist), and Korea Rating & Data (a credit rating agency for sole proprietors), Cashnote has established itself as a true 'small business super app,' encompassing everything from sales management and financial services to product purchasing and community functions. A Hana Bank official stated, "Our participation in this consortium is a clear expression of our strong commitment to expanding specialized digital financial services for small business owners nationwide, fostering local financial vitality, and achieving mutually beneficial finance." They added, "Through collaboration with Korea Credit Data, we will enhance digital financial accessibility for small business owners and introduce various financial solutions, including differentiated asset management services." A KCD official also emphasized, "Hana Bank's joining is a historic declaration that leading banks in South Korea support and will participate in establishing 'the first bank' for small business owners, marking the opening of a new future for South Korea's small business financial market." Based on its now overwhelming financial network and KCD's innovative technology, the Korea SOHO Bank Consortium is expected to create an environment where all small business owners nationwide can easily and conveniently access financial services.