KODIT’s BASA Draws Keen Attention of Participants at 56th ADB Annual Meeting

Chairman and CEO Choi Won-mok of Korea Credit Guarantee Fund (KODIT) poses with KODIT officials as he toured KODIT’s pavilion at Songdo Conventia, Incheon, the venue of the 56th Annual Meeting of the Board of Governors of the Asian Development Bank. (Photo: KODIT)

Korea Credit Guarantee Fund (KODIT) showcased the Business Analytics System on AI (BASA), an intelligent corporate management diagnosis solution, drawing keen attention from attendees of the 56th Annual Meeting of the Board of Governors of the Asian Development Bank (ADB).

KODIT joined exhibitors of the latest ADB Annual Meeting to make a pitch for its digital technology innovation, advanced green financing and risk management systems, such as BASA, developed by the corporation.

The ADB Annual Meeting took place at Songdo Conventia in Incheon from May 2 to 5.

Among the exhibits on a corporate public relations pavilion were BASA, a publicly reliable data service, developed by combining Korea’s biggest-ever corporate database KODIT accumulated for the past 47 years and digital innovation technologies, such as big data and AI.

Users can receive diverse services, ranging from an AI management diagnosis designed to ramp up corporate competitiveness, to corporate information search and corporate stats.

Attendees of the ADB Annual Meeting member countries toured KODIT’s booth and showed concern and interest in an AI management diagnosis service in which a 40-odd page, in-depth management diagnosis report is issued in less than 30 minutes with just in a click.

Sri Lankan Foreign Minister Ali Sabry said his experience of the BASA service served as an opportunity to experience Korea’s advanced corporate support knowhow and the speed of digital transformation.

He said he wants to know more about KODIT’s innovative financing services.

KODIT also promoted risk management systems based on expertise to support SMEs the corporation has accumulated for the past 47 years, such as a green financing guarantee program designed to spread “green management,” a “Korean Paydex trade credit index,” and credit bureau data convergence alternative credit rating model.

Meanwhile, KODIT Chairman and CEO Choi Won-mok discussed support to SMEs and the importance of digital transformation with governors of member countries as well as ways of promoting global cooperation, and he proposed continued exchanges for the mutual development of Asian countries.

Chairman Choi said, “The ADB Annual Meeting was a very significant opportunity to promote the superiority of the BASA service, KODIT’s representative digital transformation example, green financing, and risk management systems, and KODIT plans to ramp up networking with Asian countries and implement global exchange projects in the future.”

KODIT to Implement Financial Support Contract Guarantees Worth 1.8 Tln won

Korea Credit Guarantee Fund (KODIT) said on April 28 it will offer policy financing worth 1,842 billion won to SMEs grappling with difficulties caused by the declining economy by cashing in on 59.5 billion won in contributions from commercial banks: 45.5 billion won in special contributions and 14 billion won in guarantee fee support.

KODIT plans to offer 402 billion won in contract guarantees based on special contributions to SME exporters, venture companies and promising small businesses – five-year guarantee facility to SMEs and 10-year facility to small businesses.

To this end, KODIT struck a business agreement with the Industrial Bank of Korea (IBK) on provision of long-term, low-interest financial support to core strategic SMEs and promising potential small businesses.

KODIT also will offer contract guarantees worth 1.24 trillion won to new growth engine industry companies and job creation firms by inking an MOU on the provision of financial support with NongHyup, Woori and Shinhan banks.

KODIT Signs Business Agreement with Incheon Metropolitan City and Shinhan Bank

Korea Credit Guarantee Fund (KODIT) said on May 8 KODIT struck an MOU on accounts receivable insurance premium with Incheon Metropolitan City and Shinhan Bank.

The deal is designed to prevent successive bankruptcies of SMEs grappling with difficulties caused by exacerbating external and internal conditions: multiple crises and offer support for expanding their markets.

It is the first time KODIT has signed a trilateral agreement with a local government and a commercial bank.