Douzone Bizon said on Tuesday its fintech affiliate Techfin Ratings signed a memorandum of understanding with Korea Credit Bureau, a South Korean credit rating company, for a partnership to pursue a corporate CB business.

The two companies plan to combine data, networks of financial companies and corporate evaluation capabilities to build a new system for corporate assessment and supply chain finance in South Korea. They plan to establish a joint research framework to respond to a next-generation data finance environment, based on their core technologies and infrastructure.

They plan to jointly identify various cooperation tasks to respond to changes in the future financial environment. They also plan broad cooperation to create an inclusive supply chain finance ecosystem tailored to various demand in public and private markets.

They plan to seek diverse business models to create synergy in the corporate services market, rather than limiting cooperation to simple technology exchanges. They also plan to push joint marketing using their networks and to continue cooperating on external communications activities to expand their influence in the market.

Ok Hyung-seok (옥형석), CEO of Techfin Ratings, said, "This agreement is a starting point for building an advanced credit rating system that goes beyond traditional evaluation methodologies by combining the core capabilities of both companies." He said, "We will lead an innovative corporate finance ecosystem that provides practical help to market participants such as small and medium-sized enterprises by realising a new supply chain finance system and providing financial support."