SK Hynix to Advance Payment of 150 Billion KRW to Small and Medium Partner Companies

[Asia Economy Reporter Kim Pyeonghwa] SK Hynix announced on the 18th that it will make early payments of transaction amounts totaling 150 billion KRW to small and medium-sized partner companies ahead of the Lunar New Year holiday.

SK Hynix will advance the payment schedule by one week from the original plan to reduce the financial burden on its partners. The company aims to enhance the win-win effect with its partners and overcome the semiconductor industry downturn together. SK Hynix expects that this early payment will help about 400 partner companies and their members celebrate the Lunar New Year holiday.

M16 site view at SK Hynix Icheon campus / Photo by SK Hynix

Since the spread of COVID-19, SK Hynix has increased the number of payment transactions from three to four times per month starting in 2020 to support small and medium-sized partners facing difficulties. It also operates a win-win fund worth 350 billion KRW to strengthen the competitiveness of small and medium-sized partners. The win-win fund consists of a low-interest fund (340 billion KRW) and an interest-free fund (18 billion KRW).

From the beginning of this year, to revitalize the local economy, SK Hynix has opened an online marketplace for its employees to sell agricultural and livestock products as well as daily necessities from its business sites in Icheon, Gyeonggi Province, and Cheongju, Chungbuk Province. Although local specialty product markets were operated at the Icheon and Cheongju sites during each holiday, they were converted to online marketplaces starting in 2020 due to the spread of COVID-19.

Kim Seonghan, Vice President of SK Hynix (in charge of FE Purchasing), said, “We will continue to prioritize the perspectives of external stakeholders including customers, local communities, and partners. We will strive to unite our efforts and grow together.”

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