Duzon Bizon and Shinhan Bank Progress Smoothly in JV Establishment 추진

Duzon Techfin Obtains Preliminary License for Corporate Credit Rating Services
Establishes Basis for Expanding Accounts Receivable Factoring Business
Focuses on Providing Corporate-Specialized Digital Financial Platform

Douzone Bizon recently announced on the 20th that it has received preliminary approval from the Financial Services Commission for Douzone Techfin's new license to provide corporate credit rating services.

At the same time, it also obtained preliminary approval for the transfer of Douzone Bizon's corporate information inquiry business license to Douzone Techfin, smoothly progressing the procedures for establishing a joint venture for the corporate credit evaluation (CB) business.

Douzone Techfin is a joint venture company that Douzone Bizon is preparing in collaboration with Shinhan Bank and Seoul Guarantee Insurance. It received approval for company establishment from the Fair Trade Commission in March. The joint venture aims to combine the technological competitiveness of Douzone Bizon, a leading domestic ICT company, with the capital strength of a major commercial bank to pioneer the corporate-exclusive CB business and corporate finance market.

The licensing provides a key foundation for Douzone Techfin to expand its accounts receivable factoring services for small and medium-sized enterprises (SMEs), which is expected to accelerate the schedule for related business expansion. The joint venture currently designates the accounts receivable factoring business, which Douzone Bizon is independently pursuing, as its core business.

Accounts receivable factoring is a service where financial institutions quickly convert a company's accounts receivable into cash based on the company's creditworthiness, helping with corporate fund management. Douzone Bizon analyzes real-time accounting and ERP (Enterprise Resource Planning) data of companies, enabling all processes from application to execution to be completed within a single platform.

It is also expected to predict SMEs' funding needs and proactively provide necessary funds. This allows timely financing and reduces financial costs. Since there is no recourse claim, both selling and purchasing companies benefit in terms of fund management.

Douzone Techfin expects to provide high value-added CB services through the 'transfer of corporate information inquiry business' and 'new acquisition of corporate credit rating service' licenses already obtained by Douzone Bizon. Douzone Bizon has externally demonstrated top-level data analysis and management capabilities by being the first non-financial entity to acquire the corporate information inquiry business license, which allows it to analyze and process corporate accounting data to provide credit information.

In 2019, Douzone Bizon was selected as an innovative financial service provider through the Financial Services Commission's regulatory sandbox and has been promoting its own accounts receivable factoring business, partnering with policy financial institutions such as the Small and Medium Business Corporation, Korea Eximbank, and Welcome Savings Bank, as well as external fund providers to offer stable services.

A Douzone Bizon official stated, "We will work hard to successfully complete the remaining final approval procedures and present a joint venture that can fully utilize Douzone Bizon's high understanding of ICT systems and the professional financial processes of Shinhan Bank and Seoul Guarantee Insurance." He added, "We will focus on supplying a corporate-specialized digital financial platform in the corporate finance market to enhance corporate fund soundness and support business expansion."

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