Shinhan Bank Launches Non-Face-to-Face Issuance Service for Import Cargo Delivery Guarantee Certificates

First in the Banking Sector to Issue Import Cargo Delivery Guarantee via Corporate Internet Banking Without Branch Visit
Achieving Fully Non-Face-to-Face Import Process from Import Letter of Credit Issuance to Payment

[Asia Economy Reporter Kangwook Cho] Shinhan Bank announced on the 9th that it will be the first commercial bank to implement a non-face-to-face issuance service for Import Cargo Delivery Guarantees (L/G: Letter of Guarantee) through corporate internet banking.

An Import Cargo Delivery Guarantee is a certificate used when imported goods arrive before the shipping documents, where the importer promises to submit the shipping documents later and obtains a guarantee from the transaction bank to receive the cargo from the shipping company.

Corporate customers trading import letters of credit can conveniently issue Import Cargo Delivery Guarantees (L/G) through corporate internet banking at their office without visiting the bank. With the introduction of this service, the entire process of import letter of credit transactions, from issuance to payment, can be handled non-face-to-face.

The non-face-to-face Import Cargo Delivery Guarantee (L/G) issuance service allows customers to apply through corporate internet banking, after which the bank approves the issuance and automatically sends a notification message. When used non-face-to-face, the issuance fee is reduced by 50%, making it a simple and reasonable service.

A Shinhan Bank official stated, "Shinhan Bank will continue to introduce various non-face-to-face services related to export and import operations for trade customers to firmly establish its position as a 'customer-centered digital bank.'"