Korea Credit Data Presents Korea's Representative Inclusive Finance Innovation at APEC

Korean Credit Data (KCD)'s business management service 'Cashnote' shone as a representative case of inclusive financial innovation for the Republic of Korea at the recent Second Senior Officials' Meeting (SOM2) of the Asia-Pacific Economic Cooperation (APEC) in Jeju. This preliminary event, hosted by Korea, the APEC chair country in 2025, was graced by the presence of over 3,200 representatives from international organizations and various countries, including ministerial meetings in three sectors: employment/labor, education, and trade. KCD was invited as a presenter at the Inclusive Finance Forum for Micro, Small, and Medium Enterprises (MSMEs) in the Asia-Pacific region, where it shared Cashnote's success story in leading the realization of digital technology-based inclusive finance. Furthermore, it presented the vision of the 'Korea SOHO Bank Consortium' led by KCD, which aims to be 'the 1st bank for small business owners,' expressing its ambition to provide innovative financial accessibility to small business owners who are currently in blind spots of existing financial services. Cashnote has evolved beyond simply automatic collection and analysis of sales, expenditure, and customer information, becoming a 'super app' that encompasses revenue management, financial services, product purchasing, and community functions. It has thus established itself as a core infrastructure that genuinely alleviates the management burden of small business owners. Currently, 1.7 million businesses nationwide utilize Cashnote, and KCD's community services support a total of 2.5 million businesses. SOM2 attendees expressed significant interest in the combination of a new credit evaluation system based on data from private IT companies and finance, paying close attention to the potential for expanding financial access for small business owners through this. Kang Ye-won, Head of Data at Korea Credit Data, emphasized, "True inclusive finance begins with properly understanding the smallest units of the economy," and expressed hope that Korea's experience would inspire the design of policies and services for MSMEs in APEC member economies. She anticipated that the APEC Leaders' Meeting, to be held in Gyeongju, Gyeongbuk, from late October to early November 2025, would become a starting point for discussing the sustainable development of small business owners in the Asia-Pacific region. This large-scale international event, to be hosted by the next President of the Republic of Korea as the APEC Chair in 2025, is expected to attract a total of approximately 20,000 people, including leaders and delegations from the 21 member economies, to Gyeongju.