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Woori Bank joins race for South Korea’s fourth internet-only bank licence



Woori Bank has entered the race to secure a licence for South Korea’s fourth internet-only bank by joining Korea Credit Data’s (KCD) consortium. This marks the first time a local commercial bank has officially committed to the competition. “Woori Bank aims to support small business owners by joining this consortium,” an official stated. The KCD Bank Consortium is one of four contenders, alongside U-Bank, Soso Bank, and Douzone Bank. These contenders focus on digital financial services for SMEs and micro-enterprises. KCD operates Cashnote, used by 1.3 million micro-enterprises, and established Korea Credit Information in 2022. If successful, this will be Woori Bank’s second investment in an online-only lender, currently holding a 12.6% stake in K bank.

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