AI finance corporations Afinit said on the 21st that it joined President Lee Jae-myung's economic delegation to India and signed a memorandum of understanding (MOU) with India's major private bank Yes Bank.
The agreement was reached on the 20th as part of the Korea-India Business Forum held during President Lee Jae-myung's visit to India. Afinit represented the financial services sector in the MOU signings, in which about 20 corporations including Naver and Hyundai Motor took part, and signed with Yes Bank.
Yes Bank is a top-tier private bank in India with about 1,200 branches and a market capitalization of 10 trillion won, and it has recently been expanding its business with a focus on digital finance and corporate finance.
Through this agreement, Afinit will strengthen its local financial partnerships. The company plans to boost the competitiveness of its financial platform True Balance and expand its service areas. In the Indian market, True Balance has logged 120 million cumulative downloads and 2.6 trillion won in brokered transaction volume.
Under the agreement, Yes Bank will provide a range of financial services to support Afinit's business operations and growth. In foreign exchange (FX), it will offer products that reduce exchange-rate volatility risk and provide exchange-rate and interest-rate advisory. It will also offer corporate finance services such as working-capital loans, medium- to long-term funding, and issuance of guarantees and letters of credit. In addition, it will support business banking functions including escrow accounts, automatic collection systems, real-time bulk remittance infrastructure, and cash management systems.
Afinit CEO Lee Cheol-won said, "It is significant that cooperation between Korea and India has expanded into the digital finance sphere, and going forward India will become the largest market that will determine the future of Korea," adding, "We will lead business synergies between Korea and India to accelerate gaining a lead in the Indian financial market."