Mirae Asset Capital Starts Loans for Naver Smart Store Business Owners

Lee Man-hee, CEO of Mirae Asset Capital

[Asia Economy Reporter Song Hwajeong] Mirae Asset Capital announced on the 1st that it will collaborate with Naver Financial to provide loans to Smart Store business operators.

The Smart Store business operator loan is a service that lowers the loan barrier for online small business owners by evaluating the credit rating of small business owners registered on Naver Smart Store from multiple perspectives through Alternative Credit Scoring System (ACSS), and providing loans with higher limits at interest rates comparable to existing banks.

Existing business loans mostly require collateral or guarantees or require offline stores to apply for loans due to lack of available information on business operators and high closure rates, resulting in low actual loan limits and approval rates. As a result, online small business owners without offline stores are forced to use high-interest loan products with rates ranging from 15% to 24%.

Mirae Asset Capital, together with Naver Financial, which was selected as a designated agent by the Financial Services Commission in June, has established an online small business ACSS to provide loan services with favorable interest rates and limits for online small business owners.

By utilizing data items such as sales flow and seller reliability from Smart Store, which could not be used by existing financial institutions, as well as the latest artificial intelligence (AI) and big data processing technologies to enhance the discriminative power of loan screening, it is expected to offer online small business owners low interest rates (starting from an annual rate of 3.2%) and high limits (up to 50 million KRW).

In addition, business operators can check their loan limits and interest rates within one minute without submitting complicated documents via smartphone and complete the loan process entirely non-face-to-face, which significantly lowers the entry barrier for business loans for online small business owners. It is also advantageous for online small business owners that obtaining a business loan through Mirae Asset Capital does not affect their personal credit rating.

Lee Manhee, CEO of Mirae Asset Capital, said, “Mirae Asset Capital has been preparing financial services to support small and medium-sized business owners through cooperation with companies possessing top-level innovative technologies in Korea, such as Naver Financial. Starting with the Smart Store business operator loan, which is the result of this cooperation, we plan to provide more diverse financial services for small and medium-sized business owners in the future.”

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