Duzon Bizon Joins Jungjin Gong to Expand 'Accounts Receivable Factoring'

[Asia Economy Reporter Jang Hyowon] Duzon Bizon (CEO Kim Yongwoo) announced on the 6th that it will support the activation of the accounts receivable factoring business of the Small and Medium Business Corporation (hereinafter referred to as SBC). It will not only build and operate SBC's factoring platform but also exclusively supply accounting information analysis data to determine the eligibility of companies applying for accounts receivable factoring.

Earlier, Duzon Bizon was recognized for its high understanding and technological capability in the accounts receivable factoring market and was finally selected as SBC's business operator for this project in February this year. Both parties have been preparing to launch the service by implementing a platform that enables online non-face-to-face processing from application to execution of accounts receivable factoring through system linkage and process establishment.

Accounts receivable factoring is a government policy finance project aimed at resolving funding shortages for small and medium-sized enterprises and mid-sized companies, with SBC's project budget for this year set at 37.5 billion KRW. SBC expects to provide accounts receivable factoring more stably by utilizing Duzon Bizon's platform and data.

In fact, accounts receivable factoring is regarded as an innovative financial service that alleviates financial difficulties for small and medium-sized enterprises and mid-sized companies. Since there is no right of recourse, it can prevent a chain default where the insolvency of a client company is transferred to the small business. Unlike secured loans, it involves selling held receivables, so companies do not increase their debt, resulting in improved credit ratings. Selling companies can collect payments early, and purchasing companies gain more time to pay, benefiting both sides in terms of fund management.

Duzon Bizon has demonstrated its capabilities for this project by preparing in-depth data and conducting multifaceted quality verification to operate SBC's factoring platform. It obtained the full license for 'Corporate Information Inquiry Business' from the Financial Services Commission, allowing it to analyze and process corporate accounting data and provide it as credit information, thereby establishing a foundation to utilize various corporate data for accurate credit evaluation.

Additionally, its independently promoted accounts receivable factoring business has expanded external fund providers such as Mirae Asset Capital, Welcome Financial Group, and Korea Investment Savings Bank, securing stable service provision capabilities.

A Duzon Bizon official said, “Since being designated as an innovative financial service provider, we have been offering accounts receivable factoring services to loyal corporate customers using Duzon Bizon's platform. We will support the smooth operation of the Small and Medium Business Corporation’s exclusive accounts receivable factoring platform to ensure that policy funds are provided smoothly and balanced to small and medium-sized enterprises and mid-sized companies suffering from chronic working capital shortages.”

Meanwhile, this project is accepting online applications through the Small and Medium Business Corporation’s website, and it may close early if the budget is exhausted.

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