Shinhan Bank Launches "Supply Chain Payment Settlement Platform" for SMEs

Shinhan Bank announced on March 2 that it launched the "Supply Chain Payment Settlement Platform" on February 27 to enhance transparency in transactions among small and medium-sized enterprises (SMEs) and strengthen payment efficiency.

The newly introduced "Supply Chain Payment Settlement Platform" is designed to convert the manual ledger-based transactions commonly practiced in business-to-business dealings into a digital format, aiming to reduce risks associated with payment delays.

Developed based on Shinhan Bank’s accumulated experience in its Banking as a Service (BaaS) business, the platform features direct management of the payment settlement process by the bank, thereby increasing the stability and reliability of commercial transactions. It is designed to connect with large enterprise supply chains, while also improving accessibility so that SMEs can easily adopt the platform without the need for complex system development.

Specifically, the "Supply Chain Payment Settlement Platform" provides both cost relief and liquidity support to the parties involved in transactions. Purchasing companies can use deferred payment options to reduce financial costs, while selling companies can lower uncertainty regarding payment collection and quickly secure liquidity by discounting accounts receivable. In addition, the platform establishes the foundation for offering customized financial services to individual companies based on real transaction data.

Furthermore, for companies adopting the platform this year, Shinhan Bank plans to fully exempt payment guarantee fees for purchasing companies for one year, thereby reducing their initial cost burden.

A Shinhan Bank representative stated, "The launch of this platform is significant in that it aligns with the government’s productive finance policy direction, improves the transaction environment for SMEs, and establishes a virtuous cycle in which funds are supplied in a timely manner to companies in need." The representative added, "We will continue to enhance the platform’s various features to faithfully fulfill the essential role of finance."

This content was produced with the assistance of AI translation services.