Incon Sees Increase in Fintech Clients... "Partnership with Korea Electronic Certification for Procurement Platform"

[Asia Economy Reporter Hyunseok Yoo] Incon announced on the 21st that it has signed an agreement with Korea Electronic Certification to expand procurement platform services and certification services for the entry and growth of self-employed individuals in public procurement.

Through this agreement, Incon and Korea Electronic Certification plan to jointly conduct marketing and provide procurement platform services for new entrepreneurs' entry into public procurement, as well as essential certificate issuance services for procurement bidding.

Incon has been providing public procurement platform services since 2015 and has maintained a growth rate of about twice every year. Last year, it secured an average of 310 client companies and recorded sales of 10 billion KRW. The number of client companies has expanded to an average of about 1,700 to date, and based on the increased clients, sales are expected to grow fourfold this year along with an improvement in profit margins.

According to Statistics Korea, the total public procurement market size in 2018 was approximately 141 trillion KRW, of which the goods market accounted for 55 trillion KRW. The goods purchasing market using the procurement platform service provided by Incon for small business owners is estimated to be about 5 trillion KRW annually.

The procurement platform service is a new fintech business of Incon that analyzes risks related to public procurement goods purchase bids and selects bids with low risks in specifications, delivery, and margins to provide to member companies. It has the advantage of enabling bidders to proceed with public procurement stably.

An Incon official said, "More than 80% of goods purchase bids are markets where only small and micro enterprises can participate, so collaboration with Korea Electronic Certification will be a great help in the essential certificate issuance issue for bidding," adding, "We expect it to establish itself as the only fintech platform in Korea that combines electronic certification services with an information provision platform enhanced with secure payment and financing functions."

This content was produced with the assistance of AI translation services.