On the 18th, Jeju Bank announced that it would be the first domestic bank to pursue an ERP banking business.
ERP banking refers to embedded finance that integrates financial services with Enterprise Resource Planning (ERP) systems. With the consent of corporations desiring financial services, it allows for customized financial proposals based on real-time cash flow and transaction information tailored to the needs of the participating corporations.
Jeju Bank is promoting the ERP banking business in partnership with DOUZONE. On this day, Jeju Bank held an extraordinary board meeting and approved a resolution for a third-party allocation of new shares to DOUZONE. DOUZONE bought all 5.6 million new shares issued by Jeju Bank, representing 14.99%.
In the future, Jeju Bank and DOUZONE plan to form a dedicated organization with core personnel from both companies based on a strong partnership. The two firms aim to launch products and services in early next year. Jeju Bank noted that through the promotion of the ERP banking business, it aims to establish itself as a specialized bank for small and medium enterprises and small business owners by 2027.