Shinhan Bank and K-SURE Launch 'Comprehensive Purchase Export Credit Guarantee Foreign Exchange'

First Bank Sector Launches Comprehensive Purchase Guarantee Product for Korea Trade Insurance Corporation Export Credit Guarantee
Up to 100% Guarantee Fee Support When Issuing Export Credit Guarantee Comprehensive Purchase Guarantee

[Asia Economy Reporter Kangwook Cho] Shinhan Bank announced on the 6th that it has signed a 'Comprehensive Export Credit Guarantee Purchase Agreement to Activate Export Receivables Purchase' with the Korea Trade Insurance Corporation and launched the 'Comprehensive Export Credit Guarantee Purchase Foreign Exchange Purchase' using the comprehensive export credit guarantee certificate for the first time in the banking sector.

Export companies that had difficulty securing funds by conducting foreign exchange purchase transactions through credit transactions can now more easily secure liquidity by early monetizing export receivables based on the guarantee certificate from the Korea Trade Insurance Corporation through this new product.

In particular, Shinhan Bank supports export financing to export companies that have received the comprehensive export credit guarantee certificate regardless of the importer, and supports up to 100% of the guarantee fee upon issuance of the certificate, which is expected to be a great help to small and medium-sized enterprises suffering from financial difficulties due to COVID-19.

Along with this, Shinhan Bank provides various benefits through a financial product package including ▲ Shinhan main transaction export-import foreign currency account with overseas remittance fees waived (up to 3 times per month) ▲ ChangeUp corporate check card that can be used for foreign currency (USD) payments without overseas usage fees ▲ paperless trade remittance without submission of supporting documents.

A Shinhan Bank official said, "Since the guarantee fee is supported and the importer designation is excluded, we hope this new product will be a great help to export companies that have received the comprehensive export credit guarantee certificate," adding, "We will continue to provide various financial products and services to support export companies."