Shinhan Bank Launches Quick Settlement Service for Small Business Owners

Short-term Fund Management Support for Small Business Owners Struggling with Sales Due to COVID-19
Collaboration with Logiol and MyAlly... Establishing a Win-Win Platform for Small Businesses Using Sales Data

At the business agreement ceremony held on the 11th of last month at the Logiol building in Songpa-gu, Seoul, Lee Myung-gu, Vice President of Shinhan Bank Digital Group (center), Choi Jong-jin, CEO of Logiol Co., Ltd. (left), and Kim Woo-sik, CEO of My Ally Co., Ltd., are posing for a commemorative photo.

[Asia Economy Reporter Kangwook Cho] Shinhan Bank announced on the 4th that it will implement the 'Small Business Quick Settlement Service' to support sales and fund management for small business owners through a business agreement with Logiol Co., Ltd., which operates 'Saenggakdaero,' the No. 1 domestic delivery agency service, and Myally Co., Ltd., a sales management specialist company.

The 'Small Business Quick Settlement Service' was created to help self-employed and small business owners who are struggling due to the novel coronavirus disease (COVID-19) secure short-term liquidity funds. When small business owners use delivery agency services, the sales proceeds, which could be received up to 20 days later, can now be received the day after the sales occur, drastically shortening the payment collection period.

In particular, unlike the existing advance payment system that required securing the franchisee's sales receivables as collateral, this service reduces the financial burden on small business owners by allowing anyone to use the 'Shinhan Quick Settlement Dedicated Account' without collateral. Additionally, a benefit of this service is that upon subscription, franchisees can simultaneously use Myally Co., Ltd.'s sales management service, which provides a clear overview of sales status.

Applying for the service is also simple. Without visiting a branch, users can create a dedicated account through the Shinhan SOL Biz app, and 'Saenggakdaero' agency staff visit the business site directly to receive the service application, greatly improving convenience for small business owners.

A Shinhan Bank official said, "We hope this service will help small business owners manage short-term funds," and added, "In the future, we will take the lead in revitalizing neighborhood commercial districts through new services utilizing franchise sales data in cooperation with partner companies."

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