Dongseo Power Expands Win-Win Payment... "Supporting Partner Companies' Management"

[Asia Economy Reporter Moon Chaeseok] Korea East-West Power announced on the 30th that it will expand the win-win payment system it operates to support the management of partner companies facing economic difficulties due to the novel coronavirus infection (COVID-19).

The win-win payment system is a payment system that allows first-tier partners to pay for goods or construction fees to second- and third-tier partners using East-West Power's credit, helping partner companies quickly convert payments into cash.

East-West Power has been operating the win-win payment system since 2016 through a business agreement with its main bank, Woori Bank.

To enhance accessibility and convenience for partner companies, the number of designated banks for the win-win payment system has been expanded to five banks, including NongHyup Bank.

Through this, the win-win payment performance, which was 229 billion KRW last year, is planned to increase to 270 billion KRW this year.

An East-West Power official said, "In the situation where the tightening of the financial market is intensifying due to the impact of COVID-19, we hope that this expansion of the win-win payment system will help improve the cash flow of small and medium-sized partner companies and stabilize their management."

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