Korea Eximbank Launches Dedicated Digital Platform for Non-Face-to-Face Corporate Finance Operations

Replacing Corporate Seal Stamping with Document Submission, Contract Signing, and Electronic Signature... Innovative Digitalization
Exemption from Document Submission for 16 Types of Documents Including Local Tax Full Payment and Export Performance Confirmation through Government and Other Agency Linkage
Focus on Year-End Operation of Corporate Finance Automatic Screening System and EDCF Non-Face-to-Face Execution Recovery System

[Asia Economy Reporter Song Hwajeong] The Export-Import Bank of Korea (hereinafter KEXIM) announced that from the 11th, it will fully operate the 'Corporate Finance Dedicated Digital Platform,' which handles corporate finance entirely online. From now on, all procedures related to corporate finance, including loan applications, contract signing, and issuance of various certificates, will be possible completely non-face-to-face.

The Corporate Finance Dedicated Digital Platform is the second core achievement built as part of KEXIM's digital innovation strategy. Previously, since November last year, KEXIM has been operating the 'Overseas On-Lending Digital Platform,' which provides loans for operational, facility, and overseas business funds to small and medium-sized enterprises (SMEs) and mid-sized companies.

As KEXIM's entire corporate finance process has been converted to a fully digital method, the time required to prepare and submit loan documents has significantly decreased, greatly improving corporate work efficiency and enhancing accessibility to policy finance.

First, KEXIM implemented about 60 types of documents as web forms that can be directly filled out on the screen without the need for separate programs like Hangul, increasing convenience for companies. For 16 types of documents, including the National Tax Payment Certificate, a system has been established to directly obtain data by linking with government ministries and credit rating agencies. If companies choose to submit documents via external linkage, the submission of those documents will be exempted.

When submitting documents, once an electronic signature is completed using a corporate joint certificate, the documents are immediately submitted to KEXIM through the platform in electronic document form, so there is no need to print out the contents and affix the corporate seal.

In particular, in the context of the COVID-19 pandemic, where the scope of non-face-to-face services for corporations in the domestic financial sector has expanded, KEXIM has boldly expanded the scope of non-face-to-face services even further. While many financial institutions require the CEO to personally perform non-face-to-face real-name verification when opening a corporate account remotely, KEXIM plans to fully allow non-face-to-face corporate membership registration through a proxy.

Additionally, KEXIM's online document submission is not limited to certain documents or specific products but applies to the entire process of approval, contract, execution, and post-management for most corporate finance products handled by KEXIM, so it is expected to greatly enhance user convenience for companies.

A KEXIM official said, "Since establishing the digital transformation strategy in November 2020, we have focused all our capabilities on building the digital platform over the past year to improve accessibility to policy finance and customer satisfaction." He added, "While concentrating on enhancing platform stability and functionality, we plan to focus on the year-end launch of the corporate finance automatic screening system currently under construction and the non-face-to-face execution and recovery system for the Economic Development Cooperation Fund (EDCF)."

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