Shinhan Bank Launches 'Shinhan Online Direct Export Guarantee Loan'
by Jo Kangwook
Published 17 Dec.2020 09:59(KST)
Updated 17 Dec.2020 15:12(KST)
First Non-Face-to-Face Corporate Loan Application, Review, and Contracting in Banking Sector Leading Digital Transformation in Corporate Finance
Launch of Working Capital Support Product for Export SMEs Linked to Korea Trade Insurance Corporation Guarantee
[Asia Economy Reporter Kangwook Cho] Shinhan Bank announced on the 17th that it will launch the 'Shinhan Online Direct Export Guarantee Loan,' applying the banking sector's first corporate non-face-to-face loan new process in collaboration with Korea Trade Insurance Corporation.
This product is the first in the banking sector to apply a non-face-to-face process, allowing convenient and rapid use from guarantee application to screening and contracting through the mobile app SOL Biz without visiting the corporation or branch.
Targeting export companies with export performance between $10,000 and less than $1,000,000 and sales between 100 million KRW and less than 10 billion KRW, it supports export funds of 50 million KRW secured by Korea Trade Insurance Corporation guarantee certificates, with an interest rate of about 2.67% per annum (as of December 17), applied equally to all customers regardless of credit rating.
A Shinhan Bank official said, "Until now, corporate loans inevitably required face-to-face tasks such as credit evaluation and document review, but through this new product, we have provided differentiated corporate finance digital services," adding, "Shinhan Bank will continue to develop various financial products for export companies and lead the digital innovation of corporate finance."
Meanwhile, Shinhan Bank and Korea Trade Insurance Corporation signed a business agreement in July to support online direct guarantees and establish a non-face-to-face guarantee loan process to enhance national export vitality by supporting export funds for domestic small and medium-sized export companies.
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