Shinhan Bank Launches 'Shinhan Quick Settlement Loan' Co-Developed with KCB

Short-Term Working Capital Support Between Sales Occurrence and Settlement Timing for Self-Employed Businesses

[Asia Economy Reporter Kwangho Lee] Shinhan Bank announced on the 17th that it will launch the 'Shinhan Quick Settlement Loan,' developed jointly with Korea Credit Bureau (KCB).

The Shinhan Quick Settlement Loan is a product designed to shorten the settlement period for online platform sales of self-employed individuals, which can take up to 69 days. It allows pre-confirmation of the expected settlement amount and advances it as a short-term working capital loan. It was developed to help alleviate management and financial difficulties for the self-employed.

The loan targets self-employed individuals registered on platforms such as Coupang, TMON, WEMAKEPRICE, Musinsa, and Baedal Minjok, with ▲interest rates starting at 3.4% ▲a term of 6 months ▲and a loan limit of up to 100 million KRW depending on sales volume.

The Shinhan Quick Settlement Loan integrates sales data from online platforms provided by KCB, enabling self-employed individuals to use advance settlement loans across all platforms with a single loan agreement with Shinhan Bank, without individual applications.

This improves user convenience compared to the previous method, which required separate agreements with each bank for each platform. Additionally, the loan is automatically repaid when sales proceeds are deposited, reducing financial costs.

The target online markets and platforms will be continuously expanded in the future.

Self-employed individuals wishing to use the Shinhan Quick Settlement Loan who are registered on online platforms such as Coupang can simply sign up for KCB's integrated settlement management platform, 'KCB-Sellerbot Cash,' and food service franchisees registered on Baedal Minjok can sign up for 'My Ally.' They can then apply for the loan and complete the agreement non-face-to-face through Shinhan's corporate banking app, SOL Biz.

A Shinhan Bank official said, "The business trend of sole proprietors is shifting from offline-centered commercial districts to online commercial districts," adding, "We will strive to expand supply chain finance products for platform-registered businesses in the future."

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