- An Exporters“One-Pick!”Service to Check the Status of Economic Sanctions at a Glance

- Launch of Preemptive Trade Fraud Diagnosis Service such as Hacking, & Identify Theft

■ The Korea Trade Insurance Corporation (hereinafter referred to as “K-SURE) announced on the 11th (Monday) that it  significantly upgraded the Trade Insurance Big Data Platform, known as ”K-Sight,“ to help prevent trade fraud and ensure secure exports. 

○ K-SURE launched “K-Sight” last November for the first time in order to help decision making in relations to export, utilizing trade insurance related big data accumulated over the last 30 years. 

○ K-Sight provides a wide range of information, including country, industry, company credit information, and payment details. It also offers services such as “Customized Trade Insurance Recommendation,” which helps find the most suitable insurance for exporters and “Find Hidden Insurance,” allowing users to check for unclaimed insurance amount. 

■ As part of its recent upgrade, K-SURE introduced a new “ Safe Transaction Self-Diagnosis” service that allows export companies to preemtively assess the potential for trade fraud. 

○ By entering key information about suspicious buyers, such as contract details, buyer’s address, and payment terms, the AI analyzes the database for similar fraud cases and alerts the user to the risk level. 

○ With the growing risks of trade fraud due to technological advances such as hacking and third-party identity theft, this service is expected to greatly help prevent damages to Korean businesses.  

■ Additionally, K-sight offers a “Economic Sanctions Status Lookup” service, enabling users to easily check whether a buyer is subject to economic sanctions. 

○ An employee from the domestic pharmaceutical manufacturing company, Dong-A ST stated, “Economic sanctions are complex, and the targets for sanctions change frequently. There was no easy way to verify them, which caused uncertainly.” 

○ He also added, “Thanks to “K-Sight,” I feel much more at ease regarding potential sanctions violations, and I will likely use the newly introduced trade fraud self-diagnosis service frequently.“

■ Meanwhile, after completing its online customer channel  enhancement project, K-SURE relaunched the digital trade insurance platform “K-SURE ON” (formerly “Cyber Branch Office”) on the 11th (Monday). 

○ “K-SURE ON” is a digital platform that allows about 60,000 member companies to access trade insurance services, such as policy applications, in real-time. It aims to support export and import operations 24/7 and provide a more user-friendly digital environment, as symbolized by the “On” in its name.  

○ The redesigned “K-SURE ON” revamped its menu structure for better customer convenience and introduced a simplified login method to ensure a quicker and more convenient trade insurance experience. 

■ Chairman and President of K-SURE Jang Young-jin remarked,  “The innovative efforts of K-SURE are gradually bearing fruits as part of the government’s national agenda to realize a digital platform government.   

○ In the future, we will continue to develop digital services that integrate big data and advanced technologies to support our companies’ safe overseas transactions.”