Gieun Launches Financial Sector's First 'Digital Export Declaration Information Service'

April Launch Scheduled for 'IBK Digital Export Declaration Information Service'

IBK Industrial Bank of Korea announced on the 13th that it held a demonstration event for the 'Digital Export Declaration Information Service,' a digital service that utilizes Korea Customs Service export declaration information in banking operations for the first time in the financial sector, at K-Town For You in Gangnam-gu, Seoul.

The event was held with the attendance of Kim Sung-tae, President of IBK Industrial Bank of Korea; Ko Kwang-hyo, Commissioner of Korea Customs Service; Hwang Hee, member of the Digital Platform Government Committee; and Song Hyo-min, CEO of K-Town For You.

In April last year, IBK Industrial Bank of Korea signed a business agreement with the Korea Customs Service to promote financial support for excellent export companies and data-based collaborative projects. Through the trade MyData service, the two organizations have been linking customs clearance and financial data they possess to simplify the trade finance application process for export companies. The Digital Platform Government Committee has selected this project as a task of the 'National Dream Project' and is managing it.

K-Town For You, which provided the venue for this demonstration event, is the top company in e-commerce exports. Due to the nature of small-quantity exports in e-commerce (B2C), it has faced many difficulties in preparing export performance verification documents because of the large number of export declaration cases.

However, starting from April this year when this service is launched, export companies will be able to easily view and submit their export declaration information on IBK Industrial Bank of Korea's internet banking by consenting to the provision of trade MyData from the Korea Customs Service.

The bank will verify the export declaration information submitted by companies from the Korea Customs Service without separate supporting documents, deposit export payments into customer accounts, and utilize such export performance in trade finance screening.

President Kim said, “Through the Digital Export Declaration Information Service, we expect to significantly enhance the convenience of export companies' operations and provide broad support even in blind spots of trade finance. We will do our best to ensure that this service, the first of its kind in the banking sector, takes root successfully.”

Commissioner Ko also said, “We hope that the Korea Customs Service's trade MyData service will spread to other financial institutions and export companies through this demonstration event, and we will spare no support to ensure that more export companies can benefit in the future.”

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