Shinhan Bank Signs Business Agreement with KCB to Develop Integrated Pre-Settlement Loan

Advance Settlement of Sales Proceeds from Online Market Transactions at Once
Increased Transaction Convenience with Mobile Completion, Short-Term Liquidity Secured, Efficient Fund Management Expected

At the business agreement ceremony held on the 10th at the KCB building located on Gukjegeumyung-ro, Yeongdeungpo-gu, Seoul, Shin Yeon-sik, Executive Vice President of Shinhan Bank Corporate Division (right), and Han Chang-rae, Vice President of KCB, pose for a commemorative photo.

[Asia Economy Reporter Kangwook Cho] Shinhan Bank announced on the 11th that it has signed a business agreement with Korea Credit Bureau Co., Ltd. (KCB) to develop a new product, 'Integrated Pre-Settlement Loan,' which supports fast fund turnover for sellers on online marketplaces.

Through this agreement, Shinhan Bank plans to launch the 'Integrated Pre-Settlement Loan,' which receives highly reliable and consistent online marketplace sales information from KCB in real time, allowing sellers to pre-settle the expected sales proceeds from multiple online marketplaces they trade on all at once.

Scheduled for release in December, the 'Integrated Pre-Settlement Loan' is a loan product that advances the fund settlement for online marketplace sellers?previously taking over two months?to the day after product delivery is completed, supporting short-term liquidity for small business owners. The entire loan application, contract, and execution process can be handled non-face-to-face via the Shinhan SOL Biz app, and sellers can apply for pre-settlement by consolidating sales proceeds without needing to split the expected settlement amounts by each online marketplace. Shinhan Bank expects this to significantly improve transaction convenience and fund management efficiency for sellers.

A Shinhan Bank official stated, "Through collaboration between Shinhan Bank and KCB, integrated pre-settlement of sales proceeds has become possible, enabling small business owners to secure cash liquidity earlier, reduce financial costs, and increase operational convenience. We will continue to strive to discover customer-centric products and services."