Korea Standards Association to Support Buyer Verification Abroad... Signs Business Agreement with K-SURE

Preferential K-SURE Foreign Company Credit Inquiry Service for Member Companies

The Korea Standards Association announced on September 17 that it has signed a “Financial Credit Information Support Business Agreement for Facilitating Overseas Expansion of Exporting SMEs” at the Korea Trade Insurance Corporation (K-SURE) headquarters located in Jongno-gu, Seoul.

The purpose of this agreement is to address the challenges faced by association member companies and partner SMEs in verifying the credit information of overseas buyers. It also aims to help prevent financial and operational risks associated with exports, such as uncollected payments.

Dongmin Moon, President of the Korean Standards Association (right), is posing for a commemorative photo after signing a business agreement. Korean Standards Association

Through this agreement, the two organizations have agreed to actively promote: ▲ preferential support for association members in subscribing to trade insurance and searching for credit information on foreign companies ▲ education and information-sharing programs to facilitate SMEs’ overseas expansion ▲ joint identification and implementation of cooperative projects.

In relation to this, K-SURE is working to launch a “Foreign Company Credit Inquiry Platform” within the year, subject to final approval from the Financial Services Commission. The platform will be based on a database of approximately 4.8 million foreign companies.

Through this initiative, association member companies are expected to enjoy tailored preferential benefits, such as being able to conveniently access buyers’ credit information, trade insurance usage records, and local industry data comprehensively on the online platform in the future.

Dongmin Moon, President of the Korea Standards Association, said, “I hope this will be a significant help to SMEs that possess outstanding technology and product competitiveness, yet hesitate to expand overseas due to a lack of local information. Moving forward, we will continue to combine highly reliable data with systematic education and certification support to help Korean companies proactively expand their global reach.”

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