Burung and Pintubi Join Hands to Build Financial Model for SMEs and Small Business Owners

Providing 'Supply Chain Finance' to Financially Marginalized Companies and Small Businesses to Strengthen the E-commerce Ecosystem
Actively Supporting Stable Funding with an Innovative 'Win-Win Finance Model'

Kim Hyung-seol, Vice President of Mesh Korea (left), and Park Sang-soon, CEO of Pintubi, are posing for a commemorative photo after signing an agreement for the joint development and promotion of the supply chain finance business.

[Asia Economy Reporter Kim Cheol-hyun] Mesh Korea (CEO Yoo Jung-beom), operator of 'Boorung,' announced on the 29th that it has signed a Memorandum of Understanding (MOU) with fintech company Fin2B (CEO Park Sang-soon) to jointly develop a supply chain finance business model.

Supply Chain Finance (SCF) is a financial service designed to help small and medium-sized enterprises (SMEs) and small business owners secure stable working capital. In the past, electronic bill discounting or accounts receivable secured loans were used, but recently, methods that combine new financial channels and technology in the form of fintech to provide funding have gained attention.

Through this MOU, the two companies will jointly develop a new supply chain finance business model and process. Mesh Korea will contribute to identifying eligible targets for supply chain finance among its 350 corporate clients and approximately 66,000 self-employed customers nationwide, taking responsibility for collateral management. Fin2B will lead the development and operation of the supply chain finance system and focus on attracting participation from major financial institutions.

Both companies expect that the newly established fintech-based supply chain finance service business model will become a 'win-win finance' model that can resolve the difficulties SMEs and small business owners face in securing working capital. The plan is to enable SMEs and small business owners to secure funding stably based solely on growth potential and sound management performance, thereby contributing to the establishment of a fair competition e-commerce ecosystem.

Kim Hyung-seol, Vice President of Mesh Korea, said, "While overseas markets such as the United States actively provide small business loan services through supply chain finance, the domestic market is still in its early stages. As the domestic e-commerce market rapidly grows, by building a win-win finance model for small business owners and corporate clients using Boorung’s services together with Fin2B, we will create an ecosystem where anyone can grow fairly in the e-commerce market based solely on product and service competitiveness without difficulties in securing funds."

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