Korea Trade Information Services Signs Digital Trading MOU with POSCO International

Cha Young-hwan, CEO of KTNET (right), is taking a commemorative photo after signing a Memorandum of Understanding (MOU) with Ju Si-bo, CEO of POSCO International, to promote the 'Digital Trading Cooperation Project.'

[Asia Economy Reporter Jin-ho Kim] Korea Trade Network (KTNET) announced on the 28th that it has signed a Memorandum of Understanding (MOU) with POSCO International to promote a digital trading cooperation project. The signing ceremony took place that morning at POSCO Tower in Yeoksam-dong, Seoul.

Through the MOU, both companies agreed to collaborate on ▲digitalization of export payment procedures ▲linkage and utilization of digital logistics information ▲promotion of blockchain-based digital trading. Taking this MOU as an opportunity, KTNET and POSCO International plan to jointly pursue digitalizing trade processes for faster trade operations and linking POSCO International’s ERP system with KTNET’s digital trade and logistics platform.

Through this MOU, POSCO International is expected to reduce costs and time by digitally transforming trade operations using blockchain technology, and enable tracking of ships and cargo through digital logistics information linkage such as Shipping Request (S/R) and Bill of Lading (B/L).

KTNET is also expected to expand its business scope by developing new blockchain-based trade and logistics services that allow direct participation by companies. Leveraging this cooperation, KTNET plans to provide services such as digitalization of foreign exchange and payment documents, as well as customized logistics information services like cargo location tracking for shippers.

At the signing ceremony, Young-hwan Cha, CEO of KTNET, stated, “Both companies share the common goal of digital transformation of trade operations. Through this MOU, we will share resources and know-how to achieve this goal together and provide a higher-level digital trade and logistics platform service by integrating new IT technologies such as blockchain and AI.”

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