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□ The Export-Import Bank of Korea (www.koreaexim.go.kr, Chairman Yoon Hee-sung, “Korea Eximbank”) announced on November 22 that it signed an MOU with Douzone Bizon (CEO Kim Yong-woo), an ICT solution company, for "Online Supply Chain Factoring“ to support local SMEs engaged in indirect exports.
ㅇ Korea Eximbank Chairman Yoon Hee-sung and Douzone Bizon CEO Kim Yong-woo met at Douzone Bizon’s headquarters in central Seoul and signed the MOU.
□ Under the MOU, they will cooperate in ▲ establishing an Online Supply Chain Factoring system using Douzone Bizon's online platform (WEHAGO) and ▲ developing customized financial services for SMEs using big data.
□ If the Online Supply Chain Factoring system is established by this MOU, it is expected that SMEs with low credit standing focusing on indirect exports will have more access to public financing.
ㅇ The system would serve as a pillar that holds supply chains firmly together with efficient usability. It will allow buyers' credit ratings to be utilized without a separate credit assessment of suppliers, with added transaction convenience involving non-face-to-face and paperless method using the online platform.
□ Korea Eximbank targets to complete the development of the system within this year and focus on supporting the government's key strategic industries such as electric vehicles, batteries, defense, and nuclear power plants from next year.
□ At the signing ceremony, Korea Eximbank Chairman Yoon Hee-sung said, "We hope that our partnership with Douzone Bizon, Korea's key ICT company, will be of practical help to SMEs engaged in indirect export business that have been in the blind spot of financial support so far."
□ Douzone Bizon CEO Kim Yong-woo said, "We hope this business agreement with Korea Eximbank, a leading Export Credit Agency of Korea, will help resolve the grievances of SMEs with difficulties managing their funds."