Duzon Bizon Adds ‘Welcome Financial Group’ as New Fund Provider for Accounts Receivable Factoring

[Asia Economy Reporter Hyunseok Yoo] Duzon Bizon announced on the 21st that Welcome Financial Group has confirmed its participation as a new fund provider (factor) in the ‘WEHAGO-based Accounts Receivable Factoring Business’ and signed a business agreement regarding this. Following Mirae Asset Capital in May, securing an additional fund provider is expected to accelerate the business significantly.

Accounts receivable factoring provided based on the business platform WEHAGO is a service where Duzon Bizon purchases tax invoices (accounts receivable) generated from transactions between companies at a certain discount rate after precise evaluation using the genuine transaction verification and AI credit evaluation model developed by Duzon Bizon. Selling companies can collect payments early, and purchasing companies gain flexibility in payment periods, benefiting both sides in terms of fund management. Additionally, since it involves selling held receivables rather than loans, there is no increase in liabilities, which also improves credit ratings.

Since the launch of accounts receivable factoring, Duzon Bizon has conducted over 100,000 consultations through pilot projects, receiving strong responses from small and medium-sized enterprises, and plans to expand factoring volumes by transitioning to a full-fledged service from the 21st.

Welcome Financial Group’s participation in this business reflects its high evaluation of the future growth potential and latent value of Duzon Bizon’s corporate platform WEHAGO. The intention is to develop unparalleled financial services in the corporate sector through fintech business cooperation with a market-leading platform company that holds highly loyal corporate customers.

Welcome Financial Group, led by Welcome Savings Bank, is emerging as a leader in digital finance by leveraging synergies among group companies. It also provides various financial services targeting small and medium-sized enterprises in the corporate finance sector, and combining this expertise with accounts receivable factoring is expected to generate significant synergy.

A Duzon Bizon official said, “Following Mirae Asset Capital, Welcome Financial Group’s decision to participate in the business signifies the completion of the accounts receivable factoring service that Duzon Bizon has been promoting. From now on, the expansion into a full-fledged platform company linking finance on the WEHAGO platform has begun, and we will continuously expand the number of factors.”

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