Shinhan Bank to Provide 20 Billion Won for Zero-Emission Bus Transition
Business Agreement Signed with Korea Credit Guarantee Fund
Shinhan Bank announced on March 18 that it will provide a total of 20 billion won in financial support to bus operators who purchase zero-emission buses such as electric and hydrogen buses.
In relation to this, Shinhan Bank signed a “Financial Support Business Agreement for the Promotion of Zero-Emission Bus Transition” with the Korea Credit Guarantee Fund the previous day.
This agreement was established to build a support system for transportation operators who have had limited access to finance during the transition to zero-emission buses, by combining Banking-as-a-Service (BaaS) solutions with green finance.
Shinhan Bank will offer low-interest facility loans to transportation operators who have had to bear high financial costs because buses are not recognized as standard collateral. In addition, by introducing a BaaS-based operating revenue receivables management system, the bank plans to enable transportation operators with relatively low credit ratings to receive financial benefits comparable to those offered by major commercial banks.
The total guarantee support is 20 billion won, and under the agreement, Shinhan Bank will contribute 1 billion won to the Korea Credit Guarantee Fund. The support targets are bus transportation operators that have been in business for more than three years. When purchasing new zero-emission buses such as electric or hydrogen buses, operators can receive up to 200 million won per bus and up to 1 billion won per company.
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A Shinhan Bank official stated, “This agreement is meaningful in that it goes beyond simple financial support by incorporating BaaS to address financial blind spots and expand productive finance. We will continue to lead in responding to the climate crisis and achieving carbon neutrality by providing various financial solutions to support the transition to eco-friendly practices.”
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