Notice

Woongjin and SGI(Seoul Guarantee Insurance) Join Hands to Expand the Rental Market
 

Woongjin (CEO: Suyoung Lee) and SGI Seoul Guarantee Insurance (CEO: Kwang-yeol Yoo) are accelerating their joint business initiatives in the rental credit insurance market.

On the 24th, Woongjin announced that it held a strategic partnership and joint marketing agreement ceremony with SGI Seoul Guarantee Insurance at its headquarters in Jung-gu, Seoul. The collaboration is aimed at expanding the rental market for small and mid-sized rental businesses.

Through this partnership, the two companies plan to promote the growth of the rental industry. Woongjin will provide its rental business expertise and IT technologies, while SGI Seoul Guarantee Insurance will offer overdue rental payment guarantee services to help reduce business risks for rental operators. Participating rental businesses will utilize Woongjin’s rental IT platform, WRMS.

Woongjin explained, “In addition to the factoring services linked with Hana Capital to address inventory and financing challenges, this partnership provides stable after-sales management through credit insurance services, creating advantages in customer acquisition and sales channel expansion.”

Last year, Woongjin introduced rental receivables factoring services through its partnership with Hana Capital. With the addition of the agreement with SGI Seoul Guarantee Insurance, the company has expanded its capabilities beyond professional IT systems to include financing and insurance, thereby establishing a comprehensive enterprise rental ecosystem. Based on this collaboration, the three companies are expected to continue joint R&D efforts and further launch and expand one-stop consulting services optimized for the rental business process.

Kwang-yeol Yoo, CEO of SGI Seoul Guarantee Insurance, stated, “Through this agreement, we aim to provide consumers in the subscription economy with diverse rental services while lowering market entry barriers for rental businesses to create mutual growth opportunities. We also plan to continue offering customized financial support services through collaborations with companies across various industries.”

Suyoung Lee, CEO of Woongjin, commented, “Leveraging Woongjin’s strengths in rental expertise and IT technology, we have completed a comprehensive rental portfolio that includes financing and insurance services required by rental companies. We believe this collaboration will significantly contribute to the expansion of Korea’s rental market.”