November 27, 2024

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STX CEO Park Sang-jun (right), and NICE D&B CEO Kang Yong-koo pose for a photo after the signing event held at NICE D&B's headquarters in Mapo-gu, Seoul, on July 26. (STX)

South Korean trading company STX announced Thursday that it has inked a memorandum of understanding with the nation's largest commercial credit bureau NICE D&B to provide corporate information services on Trollygo, its business-to-business online trading platform which is set to be launched in the third quarter of this year.

The signing event was held at NICE D&B’s headquarters in Mapo-gu, Seoul, on Wednesday, with top executives including STX CEO Park Sang-jun and NICE D&B CEO Kang Yong-koo in attendance.

Under this agreement, the two companies aim to enhance the security and service qualities of online transactions by providing Trollygo’s users with corporate and credit information of buyers and sellers.

NICE D&B is a joint venture established in Korea in 2002 between Korea’s leading credit information firm NICE Group and the US-based corporate information company Dun & Bradstreet Corp.

Its broad database encompasses over 10 million domestic companies, including 2.4 million corporate entities, 7.8 million individual business owners and over 500 million overseas companies across 200 countries.

Through this collaboration, STX will gain access to the company's extensive corporate data and utilize it to support its Trollygo users by providing them with various types of credit information on overseas companies including company summaries, credit ratings, financial conditions and shareholder details.

Additionally, the database is updated daily with the information of 5 million companies on average, enabling Trollygo users to quickly acquire the latest data and raising transaction security. This feature is believed to be particularly helpful for small and medium-sized enterprises who have limited access to corporate information.

“Through this partnership with NICE D&B, we will leverage an array of corporate information available on its database to enhance the security of online B2B transactions," STX CEO Park stated.

“More data-driven decisions will be made with the accumulation of vast amounts of transaction details. This will lead to enhanced efficiency in business operations.”

Meanwhile, Trollygo is the industry's first B2B platform launched by STX that has changed the paradigm of the trading industry by shifting offline-based trading of raw materials and industrial goods into an online space.

By Song Jung-hyun (junghyun792@heraldcorp.com)