Duzon Bizon Accelerates Accounts Receivable Factoring... "Korea Investment Savings Bank Participates"

[Asia Economy Reporter Hyunseok Yoo] Duzon Bizon’s ‘WEHAGO-based Accounts Receivable Factoring Business’ has been sailing smoothly since it officially launched on the 21st of last month.

So far, it has achieved over 100,000 consultations and service usage by more than 100 companies, receiving such strong market response that the company’s initial fund of 10 billion KRW has been fully exhausted. Accordingly, external fund providers (factors) are beginning to supply funds in earnest.

Duzon Bizon announced on the 20th that it signed a business agreement by newly recruiting Korea Investment Savings Bank (CEO Kwon Jong-ro) as a new fund provider. Previously, in May, it signed agreements with Mirae Asset Capital and in July with Welcome Savings Bank regarding the participation of fund providers.

Korea Investment Savings Bank plans to focus on factoring for low-credit small and medium-sized enterprises (SMEs) that have had relatively difficult access to financial services through this business participation. The bank aims to contribute to alleviating the chronic financial difficulties faced by SMEs.

Accounts receivable factoring provided based on the business platform WEHAGO is a service where Duzon Bizon uses real-time tax and accounting big data to verify the authenticity of corporate information and inter-company sales, and fund providers purchase accounts receivable at a certain discount rate after screening based on this information.

The entire process, from application to payment on the same day, is conducted 100% non-face-to-face without cumbersome document submission. Selling companies can collect payments early, and buying 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 debt, which also improves credit ratings.

A Duzon Bizon official said, “As the accounts receivable factoring business has been fully launched, we will actively expand the business through cooperation with external factors,” adding, “We hope this will greatly help alleviate the financial difficulties of SMEs struggling with fund management.”

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