Hana Bank Launches First 'e-Commerce Settlement Receivables Factoring' Without Repayment Claim in Banking Sector

Hana Bank announced on the 6th that it has signed a business agreement with Coupang and Coupang Pay and launched the banking sector's first 'e-commerce settlement receivables factoring' product without recourse.

The 'e-commerce settlement receivables factoring' product was designed to promote mutual growth and coexistence with small online market merchants by providing a safe and convenient financial environment to small business owners who have recently been experiencing difficulties in fund settlement.

The 'e-commerce settlement receivables factoring' product, in which Hana Bank purchases the sales proceeds of Coupang sellers and provides funding, is characterized by having no recourse to the sellers. Sellers who have used advance payment loans with recourse bear the burden of repayment and delinquency if the online shopping mall fails to repay properly. However, by using the 'e-commerce settlement receivables factoring' product, even if the online shopping mall becomes insolvent, repayment is not claimed from the sellers, allowing them to continue their business with peace of mind.

Additionally, preferential interest rates are offered regardless of the online sellers' credit ratings, reducing their financial costs. The applied interest rate is in the mid-4% range per annum, which is lower compared to other advance payment loans.

The usage method is also simple. The credit evaluation and approval process for sellers is simplified, and without complicated document submissions, the application, contract, and execution of the factoring product can all be easily and conveniently done through Coupang's seller-exclusive app.

A representative from Hana Bank's Platform Partnership Marketing Department stated, "This factoring product was quickly launched to provide practical help to small online market merchants," and added, "Hana Bank will continue to make efforts to help small business owners overcome crises caused by high inflation and high exchange rates."