NongHyup Bank Establishes Payment Settlement System for Agricultural and Marine Products Shipments

"Supporting the Growth of the Wholesale Market"

NH Nonghyup Bank announced on the 14th that it has completed the establishment of an agricultural and marine products shipment payment settlement system to improve the convenience and accessibility of settlement for shipment payments of agricultural and marine products.

Last September, Nonghyup Bank signed a Memorandum of Understanding (MOU) with the Seoul Agricultural and Marine Products Corporation and was selected as the dedicated settlement support bank. With the establishment of this shipment payment settlement system, settlement convenience is enhanced, enabling timely settlement of sales proceeds for farmers and fishermen. Real-time shipment payment inquiries are made possible through a new mobile application (app), strengthening accessibility to settlements and contributing to the revitalization of the agricultural and marine products wholesale market.

Kang Tae-young, President of NH Nonghyup Bank, said, "The establishment of this system will serve as an opportunity to create a stable distribution environment for agricultural and marine products and contribute to the activation of the wholesale market," adding, "We will continue to do our best to support farmers, which is Nonghyup's unique core mission."