Loan auto-disbursed when corporate check card is used; 0.5% points earned on purchases; steel retail platform iSteelForYou first to adopt product

[Shinhan Bank]
[Shinhan Bank]

Shinhan Bank is rolling out a supply chain finance product that automatically disburses a loan the moment a company pays for goods — providing funds at the point of purchase to ease corporate financing and prevent loan proceeds from being used for unintended purposes.

The bank said it will launch Bank+ on Wednesday, a corporate loan product that links card payments to bank credit. Under the system, a dedicated loan is automatically triggered when a company uses a Shinhan corporate check card to pay for goods on a business-to-business supply chain platform.

Corporate customers can skip the separate loan application and document submission process each time they make a purchase. The structure aligns the timing of procurement and financing, relieving companies of the burden of securing funds in advance.

The first partner is iSteelForYou, a platform specializing in steel retail. When member companies purchase steel products on the platform using a Shinhan corporate check card, a Shinhan Bank B2B dedicated loan is disbursed simultaneously with the payment.

The dedicated loan carries a preferential interest rate, and 0.5 percent of the card payment amount is accumulated as points. Separately, Shinhan Bank also introduced a corporate credit card exclusively for payments on iSteelForYou, which likewise offers 0.5 percent of the payment amount in points.

"This is a new payment solution that enhances corporate payment convenience and reduces financing costs," a Shinhan Bank official said. "Starting with iSteelForYou, we will expand partnerships to a variety of B2B industry platforms."


forest@heraldcorp.com