Afinit Joins Indian Economic Delegation... Signs MOU with YES BANK for 'Advancing Financial Services'

Partnership as Part of the Korea-India Business Forum
A Leading Example in the Financial Sector

Afinit, an artificial intelligence (AI) finance company, announced on the 21st that it participated in the Indian economic delegation led by President Lee Jaemyung and signed a memorandum of understanding (MOU) with YES BANK, one of India’s leading banks. This MOU was signed as part of the Korea-India Business Forum, which took place on the 20th during President Lee's state visit to India. Among the roughly 20 companies, including Naver and Hyundai Motor Company, that entered into MOUs at the event, Afinit represented the financial services sector by signing an MOU with YES BANK.

YES BANK is a private bank with a market capitalization of about 10 trillion won and operates approximately 1,200 branches across India. Recently, the bank has been expanding its business focus on digital and corporate finance. Through the MOU with YES BANK, Afinit aims to further enhance the competitiveness of “TrueBalance,” a Korean financial platform that has already achieved a cumulative 120 million downloads and an intermediary transaction volume of 2.6 trillion won in India, and to expand its service areas even further.

Ryu Jin, Chairman of the Korea Economic Federation (from left), Kim Junggwan, Minister of Trade, Industry and Energy, Anupam Basani, CFO of Afinit, Lee Cheolwon, CEO of Afinit, Arvind Nair, Head of Financial Division at YES BANK, Piyush Goyal, Minister of Commerce and Industry of India, Anant Goenka, Chairman of the Federation of Indian Chambers of Commerce and Industry, and other attendees are taking a commemorative photo after signing the MOU. Korea Economic Federation

Under the MOU, YES BANK will offer a wide range of financial services to support Afinit’s business operations and growth. In the area of foreign exchange, the bank will provide various products and consulting services related to exchange rates and interest rates to help reduce currency fluctuation risks. It will also offer working capital loans, medium- to long-term loans for service expansion, and financial instruments such as guarantees and letters of credit that assure counterparties of reliability. In the business banking area, YES BANK will provide escrow accounts for secure fund management, automatic collection systems, real-time bulk remittance infrastructure, and management systems that provide a comprehensive view of cash flow.

Lee Cheolwon, CEO of Afinit, commented, “It is very encouraging to see Korea-India cooperation expand into the digital finance sector, and in the future, India will become the largest market shaping the future of Korea. Through this MOU, we will expand financial inclusion in India and drive business synergy between Korea and India, accelerating our efforts to gain a leading position in India’s financial market.”

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