Korea Saving Bank announced on the 26th that it will be the first in the savings bank sector to engage in online investment-linked financial services.
The online investment-linked financial services collect funds from investors through an online platform and execute loans to borrowers based on this, returning the principal and interest to the investors. It is specialized in mid-to-low credit loans, and there is a high demand from customers seeking convenient and reasonable loans online.
In particular, in July of last year, the Financial Services Commission designated the 'link investment service for individual loans by online investment-linked financial services' provided by savings banks as an innovative financial service, allowing savings banks to supply loan funds through online investment-linked financial services. Savings banks can secure a new digital sales channel, while online investment-linked financial services can establish a stable funding base, leading to expected synergies.
Korea Saving Bank aims to provide more reasonable loan services to mid-credit customers through this online investment-linked investment, enhance revenue through the acquisition of new sales channels, and strengthen its position in the mid-interest market. Moreover, it plans to diversify its loan portfolio by expanding bond investments based on online platforms.
To this end, Korea Saving Bank plans to collaborate with five online investment-linked financial service providers, including Honest AI, PFCT, Eight Percent, Moudah, and MoneyMove. Honest AI also launched the 'Honest Fund,' a 'Banking-as-a-Service' (BaaS) model based on online investment-linked financial services on the same day.
The BaaS AI loan platform was launched based on investment links with Korea Saving Bank and Daol Saving Bank. Applications for loans can be made through the Honest Fund website and mobile app, as well as through fintech loan comparison services.
A representative from Korea Saving Bank noted, "Online investment-linked investments will be an opportunity to significantly enhance financial accessibility for mid-credit customers," and added, "We will continue to lead digital financial innovation and provide customer-centric financial services in the future."