The Korea Credit Guarantee Fund is expanding its business-to-business (B2B) platform guarantee services to include Dongkuk Steel.
On May 14, the fund announced that it will extend its 'Pay-One Guarantee' service, which was previously available to Hyundai Steel, to Dongkuk Steel.
The Pay-One Guarantee is an electronic commerce collateral guarantee that allows companies to conduct credit transactions when purchasing goods on B2B platforms. The entire process, from application to issuance and limit management, is carried out within the seller's platform.
With this partnership, companies using the guarantee will be able to purchase goods on Dongkuk Steel's steel distribution platform, 'Steel Shop,' using the guarantee certificate as collateral for online credit transactions. This is expected to help purchasing companies reduce cash liquidity burdens while securing necessary raw materials reliably.
The process has also been streamlined, eliminating the need for separate visits. By linking the systems of the Credit Guarantee Fund and the distribution platform, automatic assessments based on data will be conducted, allowing companies to receive guarantee certificates on the same day within their pre-assigned limits.
The Credit Guarantee Fund believes that this service expansion will contribute to stabilizing raw material supply in the steel industry and enhancing transaction convenience for corporate clients.
A fund official stated, “We hope this service expansion will assist steel companies in stabilizing their raw material supply, and we will continue to expand B2B guarantee services across various industries to contribute to building stable supply chains.”
* This article has been translated by AI.
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