Open to university and graduate students nationwide

Kim Sung-su (right), head of Kakao Bank's credit division, and Kim Min-chan, head of K bank's Corporate Group, pose for a photo at the MOU signing ceremony for the "Financial Ideas Contest for Business Owners" held at Kakao Bank's Pangyo office in Seongnam, Gyeonggi Province, on Friday. [Kakao Bank]
Kim Sung-su (right), head of Kakao Bank's credit division, and Kim Min-chan, head of K bank's Corporate Group, pose for a photo at the MOU signing ceremony for the "Financial Ideas Contest for Business Owners" held at Kakao Bank's Pangyo office in Seongnam, Gyeonggi Province, on Friday. [Kakao Bank]

Kakao Bank and K bank announced Monday they have signed an MOU to jointly hold a "Financial Ideas Contest for Business Owners" aimed at supporting the growth of small-business owners.

The contest was designed to uncover innovative ideas that can help small businesses grow and operate more efficiently. The two banks plan to combine fresh perspectives from university students with on-the-ground voices from small-business owners to generate new financial product and service ideas that reflect real-world demand.

The contest is open to university and graduate students across the country. Participants may enter individually or in teams of up to four, and applications will be accepted through the contest's official website starting in September.

Participants must choose at least one of three challenge categories: marketing to raise awareness of non-face-to-face small-business loans, planning new financial products and services based on customer interviews, and identifying and addressing financial pain points faced by small-business owners.

All three categories require participants to conduct interviews with at least 10 small-business owners, ensuring that real voices from the field are directly incorporated. The contest is expected to surface ideas that genuinely address the financial inconveniences and service needs experienced by small-business owners across a range of industries.

Winners will be selected through a judging process involving both internal business units from each bank and external reviewers, with an awards ceremony planned for November. The total purse is 34 million won ($24,700): the grand prize winner receives 20 million won, two excellence award winners receive 5 million won each, and two merit award winners receive 2 million won each. The two banks also plan to explore ways to incorporate standout ideas into future financial products, services and marketing efforts for small-business owners.

"We prepared this contest to ease the difficulties faced by small-business owners through the creative ideas that only the younger generation can bring," said Kim Sung-su, head of Kakao Bank's credit division. "We will become a bank that grows alongside small-business owners through diverse ideas and support policies tailored to them."

Kim Min-chan, head of K bank's Corporate Group, said he hopes the contest will serve as a new opportunity to think deeply about financial products and services that genuinely help small-business owners. "We will continue to expand our products and services to meet the diverse financial needs of small-business owners and support their growth," he said.

Meanwhile, both banks have been steadily growing their lending to small businesses, including by expanding the share of sole-proprietor loans and secured or guaranteed loans. As of the second quarter, outstanding sole-proprietor loan balances stood at 3.7 trillion won at Kakao Bank and 3.3 trillion won at K bank.


won@heraldcorp.com