Hanchang Acquires B2B E-commerce Company... "Supporting Secure Payment Services Between SMEs"

[Asia Economy Reporter Jang Hyowon] On the 30th, Hanchang announced that it will acquire 100% of the shares of B2B e-commerce platform specialist company B2B Networks for 7.4 billion KRW.

B2B Networks is a company primarily engaged in supporting small and medium-sized enterprises (SMEs) based on the 'B2B e-commerce guarantee support system.' It operates the B2B e-commerce guarantee platform 'MP1' (e-Marketplace), an online payment system between companies using credit guarantees issued by institutions such as the Korea Credit Guarantee Fund and the Korea Technology Finance Corporation.

The 'B2B e-commerce guarantee support system' was introduced in 2001 by the Korea Credit Guarantee Fund and the Ministry of Knowledge Economy to support SMEs by reducing promissory note transactions, ensuring transparency in inter-company transactions, and providing low-interest support for purchase payments. It was introduced for public purposes such as resolving payment uncertainties in non-face-to-face transactions, and an e-Marketplace operator responsible for practical operations is selected to manage it.

Currently, about 15 e-MP operating companies are registered with the Korea Credit Guarantee Fund and the Korea Technology Finance Corporation. The revenue base of these operating companies comes from fees for using the payment platform. Approximately 500,000 SMEs use the platform, with an annual total transaction amount of 34 trillion KRW and guarantee amount reaching 5.5 trillion KRW.

B2B Networks started its business in 2006, currently securing 100,000 member companies and holding about 20% market share, ranking second in the industry.

A Hanchang official stated, “B2B e-commerce guarantees play a strong supporting role for SMEs that need operating funds such as raw material purchases,” and added, “Through this acquisition, we will secure a stable cash revenue source and continue ESG management fulfilling our social responsibilities.”

He continued, “We plan to focus our capabilities on improving IT technology and strengthening customer support services to increase the current market share of about 20% to 40% within two years through guarantees on transactions exceeding 1 trillion KRW,” and added, “Based on the accumulated data of 100,000 member companies, we plan to develop various products and an advanced platform that SMEs needing operating funds can conveniently use.”