On June 10, KOTEC held a "Financial Onboarding Briefing for Overseas Expanding Companies" at the Seoul International Finance Center in Yeongdeungpo, Seoul.
The briefing aimed to address the financial, legal, and accounting challenges faced by companies in their early stages of international expansion. KOTEC supports businesses in securing operational funds from local financial institutions abroad through overseas expansion guarantees based on guaranteed letters of credit.
Previously, banks that could notify guaranteed letters of credit were limited to domestic banks' overseas branches or subsidiaries. However, in May, KOTEC expanded this scope to include foreign banks with long-term credit ratings of investment grade or higher from international credit rating agencies. This change aims to enhance financial accessibility for overseas expanding companies and support the localization of finance through the accumulation of credit and transaction history in foreign markets.
The briefing focused on local operational strategies for companies entering the U.S. and ASEAN markets. Nari Choi, branch manager of Hanmi Bank's Northern California Dublin branch, and So-yeon Lee, credit manager at the same branch, introduced U.S. financial support programs, business account openings, loans, and collaborative products. Attorneys Jong-yoon Kim and Joo-yeon Shin from the law firm Jipyeong discussed the local legal environment in the U.S. and operational strategies for companies entering Vietnam, respectively. Additionally, consultants specializing in U.S. and ASEAN market entry shared insights on successful strategies.
KOTEC also introduced global technology finance support systems, including overseas expansion guarantees and local loan systems based on guaranteed letters of credit. Alongside Hanmi Bank, KOTEC operated on-site consultation booths for one-on-one financial advice for participating companies. During the subsequent Q&A and networking session, attendees shared information needed for their overseas expansion processes and discussed strategies with experts.
Earlier, on May 26, KOTEC held a briefing at the Silicon Valley Startup Venture Campus (SVC) to support domestic ventures and startups in securing financial assistance and settling in the U.S.
KOTEC Director Dae-cheol Kim stated, "KOTEC has expanded its support base for domestic companies' global expansion by opening branches in Singapore in 2025 and Silicon Valley in 2026. We hope this briefing helps domestic companies preparing for overseas expansion to understand local financial systems and establish practical entry strategies."
* This article has been translated by AI.
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