K Bank and Gwangju Bank are moving to jointly develop financial products for mid-to-low credit customers and those with limited financial histories.

K Bank said on June 23 it signed a strategic marketing partnership agreement with Gwangju Bank to expand financial support for mid-to-low credit customers and promote inclusive finance.

Based on the agreement, the two banks will cooperate on developing and operating joint financial products for mid-to-low credit customers and thin-file borrowers.

They also plan to refine screening and post-management systems using both banks' credit scoring models and provide broader financial opportunities to customers with low financial access.

The banks will also pursue joint marketing and partnership projects to boost products and services.

Woo-hyung Choi (최우형), CEO of K Bank, said he expects that combining K Bank's digital finance capabilities with Gwangju Bank's locally focused finance expertise will provide financial opportunities to more customers.

Il-seon Jung (정일선), CEO of Gwangju Bank, said the partnership is a meaningful opportunity to provide better financial benefits to mid-to-low credit customers beyond the boundaries between regions and non-face-to-face channels. He said the bank will identify various convergence models to practice mutual growth and inclusive finance.