◆ Maekyung Fintech Awards / 2nd place ◆
"Fin2B is a fintech company that creates innovative solutions for small and medium-sized enterprises to raise funds." Fin2B, who was honored with the top prize at the first annual FinTech Awards, is a fintech company that operates a B2B financial direct transaction platform, as its name means "Finance to Business." The most important business model is to support small and medium-sized enterprises to conveniently raise funds at a lower cost. Fin2B was established late last year by financial experts from Boston Consulting Group, a global management consulting firm. The co-chairs are Park Sang-soon, a former CEO of BCG Seoul Office, and Min Eung-joon, an executive of LG Uplus who served as CEO of Danal Co., Ltd. The executives and employees of Fin2B also have practical experience in companies and financial fields.
It is for this reason that it is evaluated as a company with an 'Avengers' level team within the fintech start-up industry. FinTech, which is a supply chain financing (SCF) method, is actively used to meet the financing needs of SMEs. Supply chain financing is a method in which the SMEs raise funds more efficiently by utilizing various business assets arising from business relationships with large companies. Business assets that SMEs can use as a means of financing include trade receivables, inventory assets, and cash that are generated in transaction relationships. Through supply chain financing, data utilization based on B2B transaction relationships and credit reinforcement based on existing bond-debt relationships are made. This lowers the high risk of SME financing. Various supply chain financing fintech companies have emerged overseas and are growing significantly, but they are still classified as untapped areas in Korea. FinTech is currently focusing on three financial platform projects. First, the platform that is the basis of FinTech is the trade receivables discount platform. It is a platform that supports financing of SMEs as partners by utilizing the surplus funds held by institutional investors or purchasing companies. It has completed development and is about to be commercialized. The second is a future cash flow-based loan platform. This is a platform for online sellers that mediates early settlement and credit loans using their transaction and settlement data, CB data, and other big data. It is currently being developed and plans to start the service in earnest within the year. The last is the inventory asset financing platform. Based on the valuation capacity of inventory assets, inventory asset monitoring technology, and inventory asset disposal capacity, it plans to provide inventory asset security loans under reasonable conditions.
