Import Insurance and Premium Support... Shinhan Bank Partners with Korea Trade Insurance Corporation

Support for Addressing Overseas Supply Chain Issues

At the 6th floor of the Korea Trade Insurance Corporation headquarters in Jongno-gu, Seoul, Kim Min-su, Head of Shinhan Bank (fourth from the right), Yoon Jong-bae, Head of Korea Trade Insurance Corporation (fifth from the right), and related officials are signing a business agreement and taking a commemorative photo. (Provided by Shinhan Bank)

[Asia Economy Reporter Minwoo Lee] Shinhan Bank has partnered with the Korea Trade Insurance Corporation to support import companies manufacturing materials, parts, and equipment. Various insurance and premium support will be provided.

Shinhan Bank announced on the 26th that it has signed a "Business Agreement to Strengthen Global Supply Chain Response Capabilities" with the Korea Trade Insurance Corporation.

The purpose is to help small and medium-sized enterprises (SMEs) and mid-sized companies reduce the burden caused by rising raw material prices and exchange rates by supporting insurance premiums incurred when importing funds loans or issuing import letters of credit.

According to the business agreement, both parties will provide various financial supports for SMEs and mid-sized companies, including ▲import insurance support ▲customer-paid insurance premium support for import companies manufacturing materials, parts, and equipment.

In particular, Shinhan Bank plans to offer financial support such as ▲50% preferential support on import insurance premiums ▲80% preferential support on export credit guarantee fees for companies requiring export receivables securitization funds.

A Shinhan Bank official said, "We will be a reliable partner for the growth of import and export companies."

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