Jungjingong Establishes Foundation for Promising SMEs to Enter Southeast Asian Markets

Memorandum of Understanding on Strengthening SME Capabilities between Indonesian Ministry of Finance Treasury Office and Shinhan Bank for Promising SME Scale-up and Localization Support

At the business agreement ceremony between the Small and Medium Business Corporation and the Indonesian Ministry of Finance Treasury on the 26th, attendees including Chairman Kim Hak-do (third from the left) are taking a commemorative photo.

[Asia Economy Reporter Kim Cheol-hyun] The Small and Medium Business Corporation (Chairman Kim Hak-do, hereinafter referred to as SBC) announced on the 28th that it has established cooperative relationships with the Indonesian Ministry of Finance Treasury Office and Shinhan Bank, laying the groundwork for promising domestic small and medium venture companies to enter the Southeast Asian market.

On the 26th, SBC signed a memorandum of understanding with the Indonesian Treasury Office in Jakarta, Indonesia, to strengthen the capabilities of small and medium venture companies in both countries and to activate industrial cooperation. The Indonesian Treasury Office, an organization under the Ministry of Finance with about 7,600 employees, is responsible for planning and implementing treasury-related policies and is currently working on organizing support systems for local small businesses.

Specifically, SBC will transfer its entire policy support system for small and medium venture companies, including corporate evaluation systems and diagnostic techniques, while the Indonesian Treasury Office will actively collaborate to help domestic small and medium venture companies enter the local market by utilizing its network of about 200 regional branches.

Subsequently, on the 28th, SBC signed a memorandum of understanding with Shinhan Bank to support the scale-up and localization of promising small and medium venture companies aiming for global expansion. Shinhan Bank currently has an overseas financial network spanning over 160 branches in 20 countries worldwide. The signing ceremony took place locally in Singapore.

Through this agreement, SBC and Shinhan Bank will join forces to ▲ jointly discover and mutually support promising small and medium venture companies ▲ jointly develop and promote new cooperative projects utilizing the overseas bases of both institutions ▲ attract investment and open sales channels for promising small and medium venture companies through public-private cooperation.

Chairman Kim Hak-do said, "Indonesia and Singapore are strategic bases for entering the Southeast Asian market, where trade with our country is steadily increasing," adding, "The cooperative relationships established with Indonesian government agencies and Shinhan Bank this time will serve as a stepping stone to support domestic companies with excellent technological capabilities to successfully enter the global market, including Southeast Asia."

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