Korea Finance for Construction (K-FINCO) launches integrated platform, “Business Lounge,” for members

[Financial News] A new platform gives construction companies a single place to compare and use the digital services they need, from material quotes to rentals of electronic card terminals for workers.
K-FINCO (Korea Finance for Construction) said on the 2nd that it had officially opened Business Lounge that day. The platform curates services needed for construction management and presents them alongside benefits for members. It is intended to ease the burden on members, who had to seek out services from various companies one by one, and let them compare and use the services they need on a single screen. The initiative is part of K-FINCO’s “Open Innovation” strategy, its medium- to long-term plan for new businesses.
Two companies are the first to join the platform. Gongsaero supports the full range of procurement tasks, from requesting quotes for materials needed at construction sites and comparing suppliers to placing orders and managing transaction records. Vision I rents portable electronic card terminals to sites covered by the electronic card system for construction workers and also provides expert advice on complying with the system.
Cooperation with Gongsaero had already been anticipated. On June 24, K-FINCO signed a business agreement with the company, agreeing to connect Gongsaero’s material procurement solution to the cooperative’s infrastructure to help member companies cut costs and improve work efficiency. At the time, the cooperative described the agreement as the first step in its open innovation strategy. Vision I’s terminal service comes as the number of sites required to use the electronic card system grows. The system records workers’ arrivals and departures using electronic cards. From January 2024, its coverage expanded to public construction projects worth at least 100 million won and private projects worth at least 5 billion won, both of which are subject to mandatory enrollment in the retirement mutual aid scheme.
The cooperative believes Business Lounge will benefit not only its members but also support digital transformation at small and midsize construction sites, which have relatively limited digital infrastructure.
A K-FINCO representative said, “Business Lounge is a space created to combine the technologies and services needed for construction management with the K-FINCO platform and provide tangible benefits to members.” The representative added, “We plan to continue expanding our partner service providers by actively gathering feedback on how members use the services and their opinions from construction sites.”

[email protected] Jeong Gyeong-su Reporter