Hana Bank, Hana Card Partner with Dongkuk Steel to Support Steel Buyers' Financing
Hana Bank said on the 22nd that it had signed an agreement with Hana Card and Dongkuk Steel to strengthen supply chain finance support for companies purchasing steel products.
Seo Yuseok, vice president of Hana Bank's Corporate Group (left), poses for a commemorative photo with Dongkuk Steel Executive Director Gwak Jinsu and Hana Card Executive Director Lee Wangeun after signing an agreement to strengthen supply chain financing support for steel purchasing companies at Hana Bank's headquarters in Eulji-ro, Jung-gu, Seoul, on the 21st. Photo provided by Hana Bank.
View original imageThe agreement is designed to automatically link Hana Bank purchase financing loans in real time with payments made through Hana Card when steel products are purchased by the more than 3,000 partner companies that use Steelshop, Dongkuk Steel's online platform for direct steel transactions.
Under the agreement, the three companies plan to jointly develop and launch in the fourth quarter of 2026 an automated "one-transaction" payment system linking Hana Bank's B2B credit line loans with Hana Card payments for companies purchasing steel products through Steelshop.
Purchasing companies will be able to complete the entire process, from loan execution to settlement of the purchase amount, automatically with a single click on the steel product payment button within the platform. They will benefit from greater convenience in managing their funds, without the hassle of submitting complex paperwork or logging in separately to internet banking. Hana Bank also plans to apply special preferential interest rates to purchase financing loans to reduce procurement costs for companies that partner with it to purchase steel products.
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"We signed this agreement to combine the financial capabilities of a bank and a card company with a business-to-business e-commerce platform and provide purchasing companies with the best possible payment convenience and liquidity," said Seo Yuseok, vice president of Hana Bank's Corporate Group. "We will continue to provide tailored financial solutions that actively reflect the needs of B2B platform members and put inclusive finance into practice to support the mutual growth of small and medium-sized enterprises."
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