On the 17th, Korea's leading enterprise resource planning (ERP) corporation DOUZONE announced that it has decided not to participate in the preliminary application for the 4th Internet Special Bank.
The company noted that it has shifted its strategy to combine existing business solutions' strengths while maximizing them, rather than pursuing new businesses that could cause short-term volatility.
A company official said, "During the preparation process for the Internet Special Bank preliminary application, we have considered competition with existing banking operations, receiving multi-faceted consulting in areas such as strategy, finance, law, and information and communications technology (ICT), and have continuously reviewed and deliberated on the business plan. After careful consideration by the management, it was decided not to participate in the preliminary application."
DOUZONE, focusing on its core ERP services, sought to provide financial platforms in collaboration with various financial institutions, including commercial banks, insurance companies, and securities firms. Additionally, it has been reviewing the establishment of an Internet special bank in line with the government's policy announced last year to expand financial competition.
However, the company decided to shift its strategic direction to focus on building a 'financial platform' that can maximize the strengths of its existing business solutions, which are growing steadily through the expansion of its AI service lineup.
The core of this platform is to integrate financial services into DOUZONE's main business solutions. This allows corporate clients to smoothly access cash management (account inquiries, transfers, collections), loans, insurance, and employee welfare linked services within a single solution without having to connect separately to various financial institutions like banks, insurance companies, and securities firms.
For example, through real-time credit evaluation using artificial intelligence (AI), it can provide customized short-term loans within minutes, innovating the existing loan screening process and improving the liquidity of small and medium enterprises. From the perspective of supply chain finance, it enables real-time funding by analyzing transaction histories of partner companies using customer data instead of waiting for payment after delivery. It is also possible to predict funding needs using detailed customer data and suggest optimal loan and insurance products.
Although DOUZONE has decided not to participate in the preliminary application for the Internet special bank, it stated that it will continue its partnership with Shinhank Bank.