K-SURE Signs Overseas Company Credit Information MOU with ICT Association... 'Credit Inquiry Platform' to Launch This Year

"Aimed at Strengthening the Global Competitiveness of ICT SMEs"

The Korea Trade Insurance Corporation (K-SURE) has agreed to receive credit information on overseas companies in the information and communication technology (ICT) sector from the Korea Information and Communication Technology Association (TTA).

On April 29, K-SURE announced that it had signed a "Credit Information Provision Business Agreement for the Development of the Information and Communication Industry" with TTA.

Youngjin Jang, President of the Korea Trade Insurance Corporation (left), is taking a commemorative photo with Seunghyun Son, Chairman of the Korea Information and Communication Technology Association, after signing a business agreement on the 29th at the Seoul headquarters. Photo by the Korea Trade Insurance Corporation

A K-SURE official stated, "This agreement was initiated to address the issue of information asymmetry, which is a major obstacle to overseas expansion, and to strengthen the global competitiveness of small and medium-sized enterprises (SMEs) in the ICT sector." The official explained, "Key elements include the provision of credit information on overseas companies for beneficiaries of the association's global support programs, as well as collaboration on the operation of a credit inquiry platform."

In addition, both organizations agreed to continue identifying new cooperative projects for the advancement of the information and communication industry and to establish a multifaceted support system to assist SMEs and mid-sized companies in entering overseas markets.

Following its preliminary approval last year from the Financial Services Commission as a credit inquiry business, K-SURE is now working toward obtaining official approval within this year, alongside the launch of its "Overseas Company Credit Inquiry Platform."

K-SURE expects that this service, which allows users to easily and conveniently access credit information on overseas companies through the platform, will be of great help to SMEs and mid-sized firms that struggle to discover and verify overseas buyers due to a lack of information.

Jang Youngjin, President of K-SURE, said, "Through the successful establishment of our credit inquiry business, we aim to take a step closer to SMEs and mid-sized companies that are experiencing difficulties entering overseas markets due to a lack of information."

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