Kbank said on the 23rd that the "lifestyle commerce-based financial service," jointly applied for with Musinsa and Musinsa Payments, was designated as an innovative financial service by the Financial Services Commission.
This designation as an innovative financial service is part of a memorandum of understanding (MOU) signed in Aug. last year by Kbank and Musinsa for "lifestyle commerce-based financial innovation." Based on the designation, the two companies plan to roll out a new, everyday financial service that combines finance and commerce within the third quarter of this year.
The service consists of a payment benefits service for Musinsa members and a dedicated debit card. Customers who use Musinsa Money will be able to link their prepaid balance to a Kbank partner account for real-time top-ups and balance inquiries.
A Kbank official said, "Through our collaboration with Musinsa, Korea's leading lifestyle platform, we have introduced a new financial service model that connects finance and commerce," adding, "We will continue to collaborate in various ways to enhance customers' shopping experience and financial convenience at the same time."