KakaoBank and Kbank partner for small business financial contest

KakaoBank and Kbank have signed a memorandum of understanding (MOU) to jointly host a financial idea contest titled ‘Financial Idea Contest for Business Owners.’ The initiative aims to discover innovative ideas to support the growth of small business owners and improve business operational efficiency.

The contest is open to university and graduate students across the country. Participants can enter individually or in teams of up to four people. The competition focuses on three main tasks: marketing to increase awareness of non-face-to-face small business loans, planning new financial products or services based on customer interviews, and identifying and resolving financial pain points for small business owners. To ensure practical relevance, all proposals must include interviews with at least 10 small business owners.

Applications will open in September via the official contest website. Following a fair evaluation by internal departments and external judges, an awards ceremony will be held in November. The total prize pool is 34 million won, with the grand prize winner receiving 20 million won. Both banks plan to review the use of winning ideas for future financial products, services, and marketing strategies.