At the business agreement ceremony held on the 28th at the IBK Industrial Bank of Korea headquarters in Jung-gu, Seoul, Kim Sungtae, President of IBK Industrial Bank of Korea (right), and Choi Wonmok, Chairman of the Korea Credit Guarantee Fund (left), are posing for a commemorative photo. Photo by IBK Industrial Bank of Korea.
On April 28, IBK Industrial Bank of Korea announced that it had signed a business agreement with the Korea Credit Guarantee Fund at the IBK headquarters in Jung-gu, Seoul, to promote digital-based financial support.
Through this agreement, the two institutions plan to: expand the scope of corporations eligible for non-face-to-face guaranteed loans; increase the limits for non-face-to-face loans; and jointly introduce a rapid pre-screening system.
In particular, by the end of next month, the two institutions plan to launch a guaranteed loan product that will allow corporations, like individual business owners, to complete the entire loan application and execution process non-face-to-face. This is expected to eliminate the inconvenience of having to visit both a bank branch and the Korea Credit Guarantee Fund to obtain a guaranteed loan.
The institutions also plan to link their data so that loan screening documents can be submitted to both the bank and the Korea Credit Guarantee Fund at once, and to build a system that automates the pre-screening for guarantee reviews, enabling faster determination of eligibility for guaranteed loans.
Kim Sungtae, President of IBK Industrial Bank of Korea, stated, "This business agreement is a meaningful occasion to once again join hands to promote financial support for small and medium-sized enterprises through digital innovation," and added, "We expect this will bring us one step closer to the digital transformation of financial support for SMEs."
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