"Support for Small Business Owners" SK Telecom and Shinhan Bank Join Hands

[Asia Economy Reporter Seulgina Jo] SK Telecom and Shinhan Bank announced on the 24th that they have signed a business agreement to jointly promote a support project that combines ICT and finance to assist small business owners struggling due to the impact of the novel coronavirus infection (COVID-19). The purpose is to resolve small business owners' management activities and funding issues by jointly developing platforms and services that leverage the strengths of each company.

First, the two companies plan to provide various information, administrative tasks, and financial benefits needed by small business owners in a 'one-stop' manner to reduce their workload. Shinhan Bank will open an online branch on SK’s small business online platform ‘Bizit (www.skbizit.co.kr)’.

Through this, small business owners will be able to ▲check startup and management information such as tax, commercial area analysis, policy fund information, part-time job recruitment, and sales management ▲conduct financial tasks such as loans and subscription to deposit and savings products. The previously somewhat complex platforms scattered around will be gathered in one place, making it easier for small business owners to access information and shortening processing times.

Additionally, the two companies plan to launch an ICT - security - finance total package to provide benefits that reduce fixed monthly costs. Small business owners can combine store security, internet/IPTV, and financial loans to receive benefits such as monthly usage fee discounts and preferential interest rates.

Furthermore, they are considering jointly developing loan products using SK Telecom’s non-financial data-based ‘alternative credit evaluation model.’ Once this product is launched, it is expected to expand financial accessibility for small business owners with low credit ratings. In addition, they plan to expand management consulting and educational programs for small business owners and carefully review ideas to resolve parking difficulties and security concerns in local commercial districts, such as ▲providing ‘T map Parking’ service linked with bank branches ▲ADT Caps patrol vehicle security rounds.

SK Telecom’s ICT affiliates and Shinhan Bank’s related companies will also participate in this agreement to support small business owners. On SK Telecom’s side, SK Broadband, ADT Caps, SK M&S, and on Shinhan Bank’s side, Shinhan Card will participate to expand the scope of cooperation.

Ha Hyung-il, Head of SK Telecom Corporate 2 Center, said, “By combining capabilities and technologies from different industries, we expect to provide unprecedented new benefits and services,” adding, “We will join forces with companies from various industries to support small business owners who are increasingly struggling due to COVID-19.”

Shin Yeon-sik, Head of Shinhan Bank Corporate Division, said, “Through this partnership, we expect to provide various benefits and services to small business owners facing difficulties due to COVID-19,” and added, “We plan to continuously expand the scope of cooperative projects such as developing various preferential products/services for small business owners and revitalizing commercial districts.”

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