Woori Bank and Kibo to Strengthen 'Supply Chain and SME Competitiveness'

On the 27th, Lee Won-duk, President of Woori Bank (right), and Kim Jong-ho, Chairman of the Korea Technology Finance Corporation, are taking a commemorative photo after signing the 'Supply Chain Finance Activation Business Agreement' at Woori Bank Headquarters in Jung-gu, Seoul. Photo by Woori Bank

[Asia Economy Reporter Song Seung-seop] Woori Bank and the Korea Technology Finance Corporation (KOTEC) will cooperate to resolve supply chain instability and strengthen the competitiveness of small and medium-sized enterprises (SMEs).

According to Woori Bank on the 30th, Lee Won-duk, President of Woori Bank, and Kim Jong-ho, Chairman of KOTEC, signed a "Comprehensive Business Agreement to Revitalize Supply Chain Finance" at Woori Bank's headquarters on the 27th.

As part of the agreement, Woori Bank will promote guarantee-backed loans supported by KOTEC on the supply chain platform "WON Biz Plaza," which will be launched in July as the first of its kind in the financial sector. Woori Bank plans to sign individual agreements with KOTEC to support guarantee fees by up to 1.0 percentage points (0.5 percentage points annually, for up to two years) when issuing guarantees. The target companies are SMEs (including sole proprietors) with excellent technology using the supply chain platform.

A Woori Bank official explained, "Through this business agreement, we can provide a supply chain platform to SMEs while also facilitating operating fund procurement, contributing to supply chain stability and strengthening the industrial competitiveness of domestic small and medium-sized enterprises and mid-sized companies."

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