Busan launches Korea's first public‑private low‑income finance hub

South Korea opened its first public‑private partnership low‑income finance comprehensive support centre in Busan on 3 May. The centre brings together the Financial Services Commission, Busan city officials, the Small‑and‑Medium Enterprise Finance Agency, BNK Busan Bank, the Credit Recovery Committee and other local financial firms to provide one‑stop financial, employment and welfare assistance for vulnerable residents and small‑business owners.

BNK Busan Bank introduced a new loan and deposit product, the “BNK Financial Ladder,” offering preferential interest rates to users of the centre in Busan, Ulsan and South Gyeongsang. The centre also offers immediate private‑bank counselling for borrowers with good credit and links those with poor credit to policy‑finance solutions. Officials said the model aims to restore credit for families and stimulate the regional economy, with plans to replicate the hub in Gwangju and Jeonbuk.

The launch was highlighted by Bank President Kim Sung‑ju, who noted the centre’s role in expanding inclusive finance and noted that Busan Bank has won the Korean Service Quality Index for regional banks for the fifth consecutive year.