Search results for Letter of Credit
Finance
Woori Bank to extend usance to remittance import trades, with payment deferred up to 1 year
Woori Bank will expand the use of usance, commonly used in letter-of-credit transactions, to import trades conducted via remittances. Under the arrangement, the bank pays overseas exporters first and importers repay the bank after an agreed period, with repayment deferred by up to 1 year. The bank also signed a main-banking agreement with the Korea Packaging Material Recycling Business Mutual Aid Cooperative to strengthen support for member companies over the next three years.
AI & Enterprise
Three South Korean AI startups target global AI market using Oracle Cloud
Korea Oracle said VMIC, PromptTown and KAB Labs joined Oracle’s startup cooperation program Miracle and enhanced industry-specific work processes using Oracle Cloud Infrastructure. It said Miracle is jointly run by Oracle, the Ministry of SMEs and Startups, KISED and Seoul National University of Science and Technology. The companies reported lower infrastructure costs, faster processing speeds and plans to support customers across global hubs.
Finance
Hana Bank launches financial sector\'s first remote AI export document writing guide
Hana Bank said on March 26 it launched the financial sector’s first “remote AI export document writing guide” service. The AI-based system helps exporting companies prepare key documents needed for letter-of-credit transactions, including commercial invoices, packing lists and bills of lading, in line with letter-of-credit terms and international standards. The system analyses letter-of-credit conditions and reflects them in drafting, aiming to reduce document defects and payment delays.
