Woori Bank Launches 'Large-Small Business Distribution Agency Win-Win Electronic Payment Guarantee' Product
[Asia Economy Reporter Kim Hyo-jin] Woori Bank announced on the 7th that it has launched the ‘Large Corporation-Small and Medium Enterprise (SME) Distribution Agency Win-Win Electronic Payment Guarantee’ product to support partner SMEs through agreements with large corporations.
The newly launched product is a win-win financial product in which the payment guarantee for goods of small and medium distribution agencies trading with large corporations is replaced by Woori Bank’s electronic payment guarantee certificate, with the large corporations bearing part of the guarantee fee. Large corporations find it easier to manage collateral for goods on credit, and partner SMEs can reduce collateral burdens, thereby lowering costs.
Partner SMEs that have received a recommendation letter from large corporations that have agreements with Woori Bank can apply by submitting documents to Woori Bank branches.
Woori Bank plans to gradually expand the issuance of guarantee certificates to various industries, starting with the wholesale distribution supply chain market, aiming to expand win-win finance targeting large corporations and SMEs.
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A Woori Bank official said, “Through the launch of this product, we will make our best efforts, including expanding agreements with large corporations, to help SMEs facing great difficulties due to COVID-19.”
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