Welcome Financial Group Signs Financial Support Agreement for SMEs and Small Business Owners with Korea Federation of SMEs
On the 18th, at the Small and Medium Business Central Hall in Yeouido, Seoul, Kim Dae-woong, President of Welcome Financial Group (third from the right), is taking a commemorative photo with attendees at the business agreement ceremony. Photo by Welcome Financial Group
View original image[Asia Economy Reporter Kim Min-young] Welcome Financial Group announced on the 18th that it has signed a "Business Agreement for Financial Support of Small and Medium Enterprises and Small Business Owners" with the Korea Federation of SMEs.
The two organizations agreed to establish a multifaceted cooperative relationship to support the financial needs of small and medium enterprises and small business owners by partnering Welcome Financial Group's credit evaluation system and non-face-to-face processes with the SME Mutual Aid Fund operated by the Korea Federation of SMEs.
The SME Mutual Aid Fund is a mutual aid insurance system for small and medium enterprises introduced in 1984 under the Framework Act on Small and Medium Enterprises and the Act on Cooperatives of Small and Medium Enterprises. Over the past 35 years, it has supported a total of 10 trillion KRW in bad debt trade receivables, promissory notes and checks, and short-term operating loans.
At the signing ceremony held at the Korea Federation of SMEs building in Yeouido, Seoul, Kim Dae-woong, CEO of Welcome Financial Group, stated, “Together with the Korea Federation of SMEs, we will focus the Group’s capabilities on providing broad and diverse financial services to small and medium enterprises and small business owners based on Welcome Financial Group’s digital financial services.”
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Seo Seung-won, Executive Vice President of the Korea Federation of SMEs, said, “Welcome Financial Group is recognized as a financial institution with special competitiveness in soundness and non-face-to-face services. We expect this cooperation to create meaningful synergy for small and medium enterprises and small business owners.”
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