Kibo, Over 70% of New Guarantees Processed Remotely

Successful Non-Face-to-Face Innovation in Overall Guarantee Operations

[Asia Economy Reporter Kim Cheol-hyun] The Korea Technology Finance Corporation (Chairman Jung Yoon-mo, hereinafter referred to as Kibo) announced on the 6th that it has successfully achieved non-face-to-face innovation across all guarantee operations by moving away from the traditional face-to-face processing method through the electronic contract platform introduced in January this year.

Through its digital branch, Kibo provides differentiated customer services centered on non-face-to-face interactions, including ▲guarantee consultation applications ▲customer information usage consent ▲automation of document submission via scraping ▲blockchain-based electronic contracts.

The usage rate of non-face-to-face new guarantee services by small and medium venture companies using Kibo rapidly increased from 31% in January to 73% in June. In the first half of this year, approximately KRW 1.9 trillion in new guarantees were processed non-face-to-face for 5,318 companies, realizing the non-face-to-face transition of guarantee operations overall. A Kibo official stated, "Through this, we have provided customers with time savings and work convenience, and replaced about 400,000 paper documents with electronic documents."

Although a gradual expansion of non-face-to-face services was initially expected considering the adaptation period for the new system, the rapid expansion of guarantee supply due to the spread of COVID-19 and the urgent need to establish a swift funding support system for small and medium venture companies to overcome the crisis led to a faster-than-expected successful transition to non-face-to-face services.

Kibo plans to further expand customer services by establishing various systems to settle non-face-to-face processes, including ▲expanding non-face-to-face service targets through non-financial technology evaluations ▲opening a mobile digital branch ▲introducing simple authentication services in the public sector ▲data-based non-face-to-face work automation ▲strengthening support for vulnerable groups in non-face-to-face environments.

Chairman Jung Yoon-mo of Kibo said, "Kibo will provide various financial services by utilizing digital new technologies in line with the paradigm shift toward non-face-to-face-centered finance," adding, "Along with this, in the post-COVID-19 era, we will spare no effort to become Kibo that watches over the shadows of non-face-to-face environments for small and medium venture companies vulnerable to non-face-to-face conditions."

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