Woori Bank Expands Non-Face-to-Face Trade Services

"Enhanced Convenience for Import Companies"

Woori Bank announced on January 5 that it has launched a service allowing corporate clients to conveniently apply for an import cargo delivery guarantee (L/G) non-face-to-face through corporate internet banking. An import cargo delivery guarantee is a system in which, if imported cargo arrives before the original shipping documents, the importer can receive the cargo in advance with just a copy of the bill of lading, upon the request of the letter of credit applicant.

Until now, import companies had to visit a branch to submit application forms, contracts, invoices, and other supporting documents during the process of issuing an import cargo delivery guarantee, resulting in significant time and cost burdens. With the newly introduced non-face-to-face service, import companies can now simply log into corporate internet banking, enter import transaction information, and submit the relevant supporting documents as files to apply for issuance.

Through corporate internet banking, clients can check the progress and results of the issuance process in real time. Once the branch review is complete, the import cargo delivery guarantee can be immediately printed and submitted to the shipping company or shipping agent to receive the cargo.

A Woori Bank representative stated, "With the launch of this non-face-to-face application service for import cargo delivery guarantees, the entire range of import letter of credit tasks-including opening, amendment, and payment of import letters of credit-can now be handled non-face-to-face. We will continue to advance digital services in trade and foreign exchange to further enhance work efficiency and convenience for our corporate clients."