Woncan Networks Co., Ltd. (CEO Park Hee-soo), a construction materials distribution and IT specialist, announced that it signed a memorandum of understanding (MOU) with fintech company Badafintech Co., Ltd. (CEO Lee Ki-soo) on the 2nd to improve the construction finance ecosystem.
This agreement focuses on resolving the frequent issue of delayed payments between construction companies, material suppliers, and distributors. By linking OneCanNetworks' ordering and settlement platform with Badafintech's financial module, the agreement is designed to ensure that material suppliers' cash flow is not disrupted even if construction companies fail to pay on time.
The main contents of the agreement are ▲immediate payment upon request from the material supplier when issuing a tax invoice ▲improving liquidity of the material supplier and ensuring project continuity of the construction company ▲linking the ordering/settlement platform with the financial module ▲establishing a win-win structure in which construction companies, distributors, and material suppliers share profits together.
Woncan Networks Co., Ltd. is leading the digital transformation of the construction industry by operating "Seulrinet," a materials purchasing platform with 24 years of experience; "Seulri Mall," a construction materials e-marketplace; "STP," a partner trading platform; and "My Order," an intuitive ordering solution. Through this collaboration, they plan to establish a next-generation construction platform that combines financial stability and order management, accelerating industry innovation.
Bada Fintech Co., Ltd. provides fintech-based prepayment and settlement services. It operates various prepayment and postpayment financing models, including "Barosonda," improving the liquidity of small business owners. Furthermore, it enhances customer communication efficiency through its AI-powered review automated response service, "Baro Comment."
Based on this agreement, the two companies plan to expand the service model to construction companies and distributors nationwide, strengthen user convenience and system stability, and establish it as a new standard in the construction finance ecosystem.
Park Hee-soo, CEO of OneCanNetworks, said, “This agreement is the starting point for setting a new standard in construction finance. We will resolve the issue of delayed payments and create a win-win structure where construction companies and their partners can grow together.”
“We will innovate accessibility to construction finance and build a sustainable financial ecosystem by introducing prepayment and a transparent settlement system,” said Lee Ki-soo, CEO of Badafintech.
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