KT Provides Win-Win Fund Support to Small and Medium Agencies

[Asia Economy Reporter Oh Su-yeon] KT announced on the 8th that it signed a Memorandum of Understanding (MOU) regarding the ‘Special Win-Win Operating Fund Business and Support’ with the National KT Agency Council (KTAC) on the 7th at the KT Gwanghwamun East Building, aiming for mutual growth and cooperation with agencies nationwide.

This agreement was established to support the operational stabilization and sustainable growth of small and medium-sized agencies facing difficulties in securing operating funds due to the recent surge in interest rates. Small and medium-sized agencies, which are retail-focused, find it harder to secure financing such as loans compared to large wholesale agencies.

(From left) Choi Chan-gi, Executive Director of KT, and Kwon Oh-byeong, Chairman of the National KT Agency Council, signing the agreement [Photo by KT]

Through this agreement, KT and the National KT Agency Council will mutually cooperate on ▲selecting supported agencies and managing funds ▲signing electronic contracts for the special win-win operating funds between KT and agencies ▲providing collateral cooperation necessary for fund lending ▲supporting the special win-win operating funds.

Attending the signing ceremony were Choi Chan-gi, Executive Vice President and Head of the Customer Division Sales Headquarters at KT; Park Ki-joo, Managing Director of Distribution Planning; and from the National KT Agency Council (KTAC), Chairman Kwon Oh-byeong and Vice Chairman Kang Hoon-sik, among others.

Last year, KT supported a total of 3.1 billion KRW in special medium-term operating funds for 232 small and medium-sized agencies affected by COVID-19. This year, KT plans to expand the support scale to 5 billion KRW and cooperate in providing special win-win operating funds to promote mutual growth among small and medium-sized agencies.

Choi Chan-gi, Head of KT’s Sales Headquarters, stated, “With the signing of this special win-win operating fund MOU prepared to support liquidity and mutual growth for small and medium-sized agencies struggling with fund shortages, we will cooperate to ensure timely fund support.”

Kwon Oh-byeong, Chairman of KTAC, said, “Last year, KT provided special medium-term operating funds to small and medium-sized agencies struggling due to COVID-19. This year as well, the special win-win operating fund support from a mutual growth perspective will greatly help alleviate liquidity shortages for agencies.”