Korea Midland Power Leads Win-Win Payment Expansion... Signs Business Agreement with Ministry of SMEs and Startups
Supporting Discount Costs to Enable Partners to Receive Payment Early
The Ministry of SMEs and Startups announced on the 11th that it has signed a business agreement with Korea Midland Power to expand the use of win-win payment systems.
Seoul Mapo-gu Korea Midland Power Seoul Power Headquarters Integrated Situation Room
Photo by Yonhap News
Korea Midland Power has agreed to support discount costs so that partner companies facing difficulties due to high interest rates can receive payment for delivered goods early through the win-win payment system.
The win-win payment system is a payment system that enables the top-tier purchasing company, Korea Midland Power, to directly pay transaction amounts to lower-tier partner companies. Lower-tier partners can receive cash on the payment date (within 60 days after delivery) or, if funds are needed, can discount and cash out early using Korea Midland Power’s credit. Unlike promissory notes, even if the top purchasing company goes bankrupt, creditors cannot exercise repayment claims against the lower-tier partners, preventing a chain bankruptcy.
Through this agreement, Korea Midland Power will provide approximately 25 billion KRW annually in win-win fund loans to partners who have received win-win payments. For secondary partners, it will also support discount costs for early cashing of about 10 billion KRW annually in win-win payment receipts. This will supply more than 35 billion KRW in liquidity annually to small and medium-sized enterprises using the win-win payment system.
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Jung Ki-hwan, Director of the Win-Win Cooperation Policy Division at the Ministry of SMEs and Startups, said, “The win-win payment system not only supports stable payment receipt for lower-tier partners but also offers various benefits to the paying top-tier companies, such as tax incentives and tax audit deferrals. We hope it will be actively utilized to ensure stable payment of delivery fees to lower-tier partners and wages to construction workers at power plant construction sites.”
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