SMEs Ministry to Lower Barriers for Win-Win Payment System

Business Agreement Signed with KB Securities and the Win-Win Partnership Foundation
Introduction of the One-Stop Win-Win Payment System

The Ministry of SMEs and Startups announced on March 19 that it held a roundtable at the KB Securities headquarters in Yeongdeungpo-gu, Seoul, meeting with institutions using the Win-Win Payment system to listen to their on-site feedback.

This roundtable was organized to discuss the expansion of the Win-Win Payment system in line with the “Large and Small Business Win-Win Growth Strategy” announced in January. Financial institutions, public agencies, and purchasing companies that utilize the Win-Win Payment system participated in the event.

Prior to the roundtable, KB Securities, Doosan, Korea Environmental Industry and Technology Institute, and the Foundation for Large and Small Business, Agriculture and Fisheries Cooperation held a financial business agreement to promote the expansion of the Win-Win Payment system.

KB Securities will become the first securities company to participate as a partner financial institution for Win-Win Payment and plans to introduce a “One-Stop Win-Win Payment System.” Through this initiative, new Win-Win financial services will be provided, starting with Doosan and the Korea Environmental Industry and Technology Institute.

The One-Stop Win-Win Payment System is a new platform that improves upon the previous process, where subcontractors were required to open accounts with the same bank as the purchasing company in order to receive payments. Now, payments can be made to accounts at different banks. This eliminates the need for first-tier or lower-tier subcontractors to open additional accounts for Win-Win Payment, and all related work can be managed on a single platform, thereby enhancing accessibility and satisfaction for participating companies.

The Win-Win Payment system is a payment method designed to ensure that payment for goods delivered by first-tier subcontractors to large companies (purchasing companies) is safely transferred to second-tier and lower-tier subcontractors. Subcontractors are guaranteed cash payment on the settlement date and can utilize the purchasing company’s high credit rating to secure early cash conversion at lower interest rates. Since the system's introduction in 2015, annual transaction volume has steadily increased, reaching 189 trillion won last year.

During the subsequent roundtable, participating institutions shared a variety of on-site opinions on how to further expand the use of Win-Win Payment in both the private sector (including large companies) and the public sector going forward.

Lee Byungkwon, Second Vice Minister, said, “In the face of difficult domestic and international conditions such as high inflation and a strong dollar, building a Win-Win ecosystem where we can grow together is a key task—and the Win-Win Payment system is crucial to this effort. With the introduction of the One-Stop Win-Win Payment System, the Ministry of SMEs and Startups will make every effort to encourage more companies and organizations to participate in Win-Win Payment.”

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