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Finance

IBK Industrial Bank of Korea expands public MyData to corporate deposit services

IBK Industrial Bank of Korea is expanding the use of public MyData so it can electronically verify documents needed for corporate customers’ financial transactions. After first applying the service to corporate lending, it will also introduce it to deposit-taking services such as deposits. The bank said it is the first in the financial sector to apply the Interior Ministry’s corporate public MyData service to corporate deposit operations.

Finance

Sh Suhyup Bank offers gift vouchers to win sole proprietors as primary banking clients

Sh Suhyup Bank is running an event to attract small business customers’ card merchant payout settlement accounts, offering gift vouchers worth up to 50,000 won. The promotion targets sole proprietors who first register Suhyup Bank as the deposit account for card sales from at least two card companies. Benefits are based on cumulative deposits during the event period, with vouchers issued at three thresholds.

Finance

Internet-only banks and regional banks expand joint loans to business finance

Joint lending between internet-only banks and regional banks is expanding from personal credit loans to business finance. South Korea\'s Financial Services Commission designated a joint corporate loan service by Toss Bank and Gwangju Bank as an innovative financial service, the second such case after KakaoBank and Busan Bank. The model splits screening and funding between two banks and aims to process many steps digitally. Authorities are also revising rules on in-person work for internet-only banks.