LG Electronics Holds Meeting with Ministry of SMEs to Discuss Expansion Plans for Win-Win Payment System

On the 2nd, LG Electronics held a meeting at LG Science Park in Gangseo-gu, Seoul, to share its know-how on expanding win-win payments to second-tier and lower-tier partners as an excellent company in win-win payments with the Ministry of SMEs and Startups. Kwon Chil-seung, Minister of SMEs and Startups (third from the right in the front row), and Bae Doo-yong, Vice President and CFO of LG Electronics (fourth from the right in the front row), are taking a commemorative photo.
[Photo by LG Electronics]

[Asia Economy Reporter Kim Heung-soon] LG Electronics announced on the 2nd that it held a meeting at LG Science Park in Gangseo-gu, Seoul, to discuss the achievements and expansion plans of the win-win payment system.

The event was attended by Kwon Chil-seung, Minister of SMEs and Startups, LG Electronics Chief Financial Officer (CFO) Vice President Bae Doo-yong, and representatives from four LG Electronics partner companies.

At the meeting, LG Electronics shared cases of its win-win payment system that improved the payment environment for second-tier and lower-tier partners and discussed future plans to expand the win-win payment system.

The win-win payment system is a payment method where a large company pays partner companies for goods through a third-party financial institution, enabling not only first-tier partners but also second- and third-tier partners to receive payments on time. Additionally, second- and third-tier partners can convert the payment into cash early through the financial institution based on the credit of the large company before the payment date.

LG Electronics was recognized for its efforts to expand the win-win payment system earlier this year and was selected as an 'Excellent Win-Win Payment Company' by the Foundation for Large and Small Enterprises and Agriculture and Fisheries Cooperation. Since 2010, LG Electronics has also operated a 200 billion KRW win-win cooperation fund with Industrial Bank of Korea and Korea Development Bank to support partners in obtaining low-interest loans when they need funds.

Lee Si-yong, Executive Vice President and Head of Purchasing and SCM Management Center at LG Electronics, emphasized, "We hope that expanding the win-win payment system will help our partners operate their businesses stably. We will continue to make every effort to support win-win payments so that we can grow together with our partners."

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