Non-Face-to-Face Service for 'Small Business Policy Funds' Starting Next Month

Business Agreement between Small Enterprise and Market Service and NICE Information Service

[Asia Economy Reporter Kim Daeseop] The Small Enterprise and Market Service (SEMAS) announced on the 31st that it has signed a business agreement with NICE Information Service to establish a 'non-face-to-face financial service for small business policy funds.'

Through this business agreement, the two organizations plan to build a non-face-to-face financial system that enables online document submission and automated loans. They will also collaborate on projects such as a complete overhaul of the small business loan screening evaluation model and the development of new models. The budget required for the project will be matched mutually by both organizations.

They plan to pilot the non-face-to-face service starting in August this year. After stabilization, a system will be established next year that allows all policy funds to be applied for non-face-to-face.

Previously, small business owners had to prepare related documents and visit one of the 66 regional centers nationwide in person to apply for policy funds directly loaned by SEMAS. However, with this agreement, it is expected that loan applications will be possible online. Applicants will be able to easily apply through SEMAS's website and proceed with contract signing based on the loan screening results.

Until the second half of this year, contract signing will be conducted face-to-face only for those who pass the screening, but from next year, contracts are expected to be conducted non-face-to-face (via electronic contract methods).

Cho Bonghwan, Director of SEMAS, said, "In the rapidly changing digital ecosystem due to COVID-19, we hope that through this agreement, small business owners can conveniently receive policy funds non-face-to-face and maintain stable operations." He added, "We will continue to strive to provide financial services that are convenient for small business owners from their perspective."

Shin Heebu, CEO of NICE Information Service, said, "We will actively support the efficient management of small business policy funds by enhancing the non-face-to-face financial system with specialized information for small businesses and improving discrimination power through the development of new models reflecting representatives and business site information of small business owners."