To keep pace with rapid developments in information technology, KODIT has been making its efforts to digitalize services.
KODIT has developed e-commerce guarantees to promote the safer e-commerce transactions. The e-commerce guarantee system is based on the on-line network linking KODIT, financial institutions, enterprises and the e-commerce marketplaces. E-commerce guarantees can be divided into two categories : e-commerce loan guarantee and e-commerce liabilities guarantee.
This is a service to guarantee loans that the buyers would get from financial institutions in order to facilitate the purchasing process under the e-commerce contracts.
This is a service to guarantee the liabilities, which SMEs have to perform on the credit transaction.
The core feature of digitalized credit guarantee services is the introduction of the electronic credit guarantee certificates, which are sent from KODIT to creditor institutions via the Internet, in place of conventional letter of credit guarantees. Digitalized credit guarantee services allow companies applying for credit guarantees to reduce the number of visits to KODIT and financial institutions. In addition, electronic guarantee certificates are easier to store and safeguard than letter of credit guarantees.
In March 2002, KODIT won the bid for the e-commerce category of the 'B2B Network Implementation Support Project' by the Ministry of Commerce, Industry and Energy. In conjunction with this project, KODIT launched a B2B network called Gateway System to facilitate B2B e-commerce. The Gateway System has contributed greatly to the development of the e-commerce in Korea. It has helped to reduce the transaction costs of SMEs and enhance their competitiveness. Furthermore, it has enabled fair and transparent transactions between companies and companies or between companies and government authorities. In the future, KODIT expects to link the Gateway System to overseas companies and e-commerce marketplaces, with the aim of becoming a global B2B e-commerce hub.