iM Bank Launches 'T/T Import Financing' Service Specialized for Import Companies

iM Bank announced the launch of its "T/T Import Financing" service to support the stable management of import companies.

This service aims to boost the business activities of domestic import companies by supporting their liquidity needs, reflecting the demands of companies that settle payments via telegraphic transfer (T/T) in trade transactions.

With this service, import companies enter into T/T-based import contracts with exporters and apply for credit from the bank based on these contracts. The import company repays the principal and interest by the agreed maturity date. Importers are offered flexible payment terms of up to one year by utilizing low-interest funds from overseas confirming banks, while exporters can receive payments quickly. iM Bank explained that, unlike the letter of credit method, there are no issuance fees and the complex documentation process between banks is simplified.

Hwang Byungwoo, President of iM Bank, stated, "We launched the 'T/T Import Financing' service to support import companies struggling to secure liquidity due to increased exchange rate volatility. We will continue to make every effort to provide specialized products and services to improve the business environment for domestic companies."