IBK, KOTRA, and Samsung SDS Sign Business Agreement to Support Online Export for SMEs

by Park Sunmi

Published 05 Nov.2020 13:20(KST)

Updated 05 Nov.2020 13:32(KST)

Expansion of Online Payment Services and Provision of Financial Benefits Such as Preferential Exchange Rates

On the 5th, IBK Industrial Bank, KOTRA, and Samsung SDS signed a business agreement for online export innovation at the KOTRA headquarters in Seoul. Yoon Jong-won, President of IBK Industrial Bank (right), Kwon Pyung-oh, President of KOTRA (center), and Hong Won-pyo, CEO of Samsung SDS, are posing for a commemorative photo.

[Asia Economy Reporter Park Sun-mi] IBK Industrial Bank announced on the 5th that it signed a business agreement with KOTRA and Samsung SDS at KOTRA headquarters in Seoul to support online exports of small and medium-sized enterprises (SMEs).

Through this agreement, the three organizations will provide services that allow exporting SMEs to handle online overseas marketing, sales, logistics, and payment all at once on the B2B e-commerce platform ‘BuyKorea’ operated by KOTRA since May 2021.

Industrial Bank plans to expand online payment services to enhance payment convenience for exporting companies and offer financial benefits such as consulting for overseas market development and preferential exchange rates. KOTRA will upgrade ‘BuyKorea’ and support overseas marketing and market development. Samsung SDS will provide logistics and delivery services through its integrated logistics solution ‘Cello Square’ and offer logistics consulting and logistics cost discounts.

Yoon Jong-won, President of Industrial Bank, stated, “I will actively support the early activation of the platform so that today’s agreement becomes a win-win model where exporting SMEs and mid-sized companies can grow together and serves as an opportunity to revitalize the export market and our companies, which have been weakened by COVID-19.”