K-SURE and KOSME Establish Online Export Safety Net for SMEs: "Up to $30,000 Compensation for Unsettled Payments"

Launch of 'Global Shopping Platform Group Insurance'
Addressing Gaps in Online Export Insurance

The Korea Trade Insurance Corporation (K-SURE) is joining forces with the Korea Small and Medium Business Corporation (KOSME) to address blind spots in online export insurance for small and medium-sized enterprises (SMEs). Through a group insurance program for global shopping platforms, the organizations will provide support of up to $30,000 in the event of non-payment for exports.

K-SURE announced on May 21 that it had signed a business agreement with KOSME at its Seoul headquarters to support the online exports of exporting SMEs.

Jinwook Jang, Vice President of the Korea Trade Insurance Corporation (left), is taking a commemorative photo with Janghyuk Park, Global Growth Director of the Small and Medium Business Corporation, after signing a business agreement at the headquarters in Seoul on the 21st. Korea Trade Insurance Corporation

A K-SURE official explained, "This agreement was established in response to the growing demand for online transactions and to support the stabilization of online exports by SMEs, in line with the expansion of K-consumer goods exports. The two institutions plan to jointly operate the 'Global Shopping Platform Group Insurance' support program, aiming to establish a foundation for the self-sustaining growth of export companies utilizing these platforms."

Under this agreement, K-SURE will provide group insurance support, a 50% discount on overseas company credit investigation fees (up to five times), preferential trade insurance for first-time exporters, and customized export consulting for companies using global shopping platforms.

KOSME will cooperate by offering support for group insurance premiums, assisting with overseas market entry through services such as listing on GoBizKOREA, and supporting the recruitment of participants for trade insurance education programs and consulting.

In particular, through the Global Shopping Platform Group Insurance, which was launched in collaboration between the two organizations, more than 450 companies using six platforms—including Amazon, Shopee, and eBay Japan—will now be able to receive compensation of up to $30,000 if export payments are not settled due to the platform's bankruptcy.

Jinwook Jang, Vice President of K-SURE, stated, "By expanding the safety net to include online exports that have previously been left uninsured, more SMEs will now be able to benefit. Moving forward, we will continue to strengthen the role and functions of trade insurance to keep pace with the evolving export environment."

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