Kwangju Bank Launches 'Deferred Overseas Remittance Service' as First Regional Bank

"Enhancing Payment Convenience with Advance Remittance Method"

On July 24, Kwangju Bank announced that it has launched the 'Deferred Overseas Remittance Service,' becoming the first regional bank to support import companies in settling trade payments.

This new service was introduced in response to the recent trend in trade settlements shifting rapidly from traditional letters of credit (L/C) to telegraphic transfers (T/T). With this service, Kwangju Bank remits the trade payment to overseas exporters on behalf of import companies, and the import company repays the principal and interest at a predetermined maturity date.

Compared to conventional import letter of credit transactions, this service offers lower fees and allows companies to freely set the maturity date within a maximum of six months, enabling more flexible cash flow management according to each company's circumstances. In particular, by separating the payment and repayment dates, the service is expected to help import companies secure short-term liquidity and maintain trust with their business partners, according to Kwangju Bank.

The service is available to import companies (both corporations and individual business owners) that need to settle trade payments. For more details, customers can visit a nearby branch or check the Kwangju Bank website.

Kim Daeseok, Head of the Foreign Exchange Business Division at Kwangju Bank, stated, "In the rapidly changing international trade environment, we have launched the 'Deferred Overseas Remittance Service' as the first regional bank to provide practical support for import companies' liquidity and competitiveness. Going forward, Kwangju Bank plans to continue expanding a variety of services to ease the financial burden on import and export companies."

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