Shinhan Bank Launches Event Waiving Fees for 'Electronic Trade Service' Usage

Basic Fee 20,000 Won and Transmission Fee Waived for 3 Months When Signing New Contract During Event Period

Shinhan Bank, in collaboration with Korea Trade Network, is launching a promotion that waives usage fees for new agreements on electronic trade services (EDI).

[Asia Economy Reporter Kwangho Lee] Shinhan Bank announced on the 2nd that it will hold an event waiving usage fees for new electronic trade service (EDI) contracts in collaboration with Korea Trade Network.

The event period is from today until May 31, and customers who designate Shinhan Bank as their transaction bank and newly contract EDI will be exempt from the basic monthly fee of 20,000 KRW and the electronic document transmission fee (479 KRW per 1KB) through Shinhan Bank for three months including the contract month.

Customers can receive the benefits by signing up as a member and registering a joint certificate on Shinhan Bank's corporate internet banking electronic trade (PTB) or the Trade Network-operated uTradeHub site to complete the electronic transaction contract.

EDI allows non-face-to-face processing of tasks such as letter of credit issuance, purchase confirmation issuance, domestic letter of credit, and paperless trade remittance without submission of supporting documents, without visiting the bank. Using EDI enables customers to improve work efficiency by saving time and costs, and receive a 50% discount on bank fees such as letter of credit notification fees and issuance telegraph fees.

A Shinhan Bank official said, "As it is an untact era, many companies are showing positive responses by using EDI for convenient and fast work," adding, "We hope you take advantage of this opportunity to easily use trade services and have electronic trade service fees waived."