KakaoBank said it signed a memorandum of understanding with Busan Bank on April 13 at Busan Bank’s headquarters to pursue a joint lending program for small and midsize businesses.
Under the agreement, the two lenders will work on launching joint loan products for small businesses and sole proprietors, expanding financing support and rolling out related financial services. They said the effort is aimed at improving local companies’ access to funding and strengthening “productive financing.”
KakaoBank plans to combine its platform reach, built on 27 million customers, and digital technology with Busan Bank’s regional corporate-finance infrastructure, creating a cooperation model in which an internet-only bank and a regional bank grow together.
“This agreement will be an example of broadening the inclusiveness of regional finance and contributing to the expansion of productive financing,” KakaoBank CEO Yoon Ho-young said. “We will work in mutual growth with the regional economy based on technology and data.”
Busan Bank CEO Kim Seong-ju said the bank will continue expanding digital-based financial services for sole proprietors and small and midsize businesses.
* This article has been translated by AI.
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