Toss Bank Partners with Korea Trade Insurance Corporation to Support Export Companies with Direct Guarantee

[Financial News] Toss Bank announced on the 29th that it will fully promote non-face-to-face financial support for export small businesses and SMEs in cooperation with Korea Trade Insurance Corporation. The two companies signed a 'business agreement for direct guarantee support for export SMEs' at the Korea Trade Insurance Corporation building in Jongno-gu, Seoul, on the morning of the same day. ‘Direct Guarantee’ is an export guarantee service that export SMEs can use non-face-to-face at Toss Bank without directly visiting the Trade Insurance Corporation or a bank. With this agreement, when Toss Bank requests a guarantee review, the corporation conducts a review on the case and issues a guarantee certificate. Toss Bank plans to support customers to procure export funds more quickly and easily by providing non-face-to-face loans based on the guarantee certificate.
Customers can conveniently proceed with all procedures from guarantee application to loan execution non-face-to-face at Toss Bank. It is expected that the efficiency of export fund procurement will be greatly improved as funds can be secured quickly without complicated document preparation or visiting institutions compared to the past.
The two companies plan to strengthen cooperation in various fields, including the stable construction and operation of the direct guarantee platform, expansion of guarantee-linked loan products, sharing of information for the digitalization of export finance, and joint business cooperation.
A Toss Bank official said, "The product scheduled to be launched within the first half is expected to alleviate the funding burden of export small businesses and SMEs." He continued, "We are pleased that an environment has been created where export small businesses and SMEs can secure funds more quickly and easily by combining Toss Bank's non-face-to-face financial technology with the corporation's export guarantee capabilities," adding, "We will strive to become a reliable financial partner that supports the substantial growth of customers challenging the overseas market."

mj@fnnews.com Park Moon-soo Reporter