{"data":{"news":{"items":[{"title":"Hyundai Construction Equipment to offer financial products in Asia","date":"2020-08-12 14:17:27","id":2385,"author":"","blurb":"","blurb_image_uid":"https://dxfpracgmlczp.cloudfront.net/2020/08/1597253822014_Hyundai CE-DGB.jpg","blurb_expanded_image_uid":null,"article":"\n\t\n\n\n

Hyundai Construction Equipment has established a partnership with South-Korea based DGB Financial Group to offer financial products for customers in Asia, which they can use to purchase construction equipment.

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Both companies recently signed a Memorandum of Understanding on global financial businesses, attended by Kwon Ki-hyeong, executive vice president and CFO of Hyundai Construction Equipment; Oh Sung-ho, head of group strategy at DGB Financial Group; and Suh Jung-dong, CEO of DGB Capital. The signing ceremony was held at the DGB Financial Centre in Jung-gu, Seoul, South Korea.

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Construction equipment is normally high-priced, with the average price of an excavator going close to 100 million won (approximately US$ 85,000), explained Hyundai, and therefore many customers depend on financial products such as leases and installment payments.

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Based on the agreement, the two companies plan to launch their first construction equipment leasing financial product in Cambodia soon this year, and expand related businesses throughout Asia.

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According to Hyundai, the company aims to increase sales in the Asian market where financial programmes are not yet advanced by linking the financial products to be developed jointly with DGB to equipment sales.

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DGB Financial Group, which has been making efforts to expand its share of the Asian market, starting with Laos in 2016, and then Cambodia, Myanmar and Vietnam, also expects the agreement to further strengthen its business portfolio in Asia.

\n\n\n","article_image_uid":"https://dxfpracgmlczp.cloudfront.net/2020/08/1597253843296_Hyundai CE-DGB.jpg","article_expanded_image_uid":null,"article_image_caption":"","publications":"7","tags":"machinery financing,partnerships,Hyundai CE","category":"Others"},{"title":"LiuGong and UOB renew MoU for machinery financing in Southeast Asia","date":"2019-05-15 10:50:23","id":1626,"author":"","blurb":"\n\t\n\n\n\n","blurb_image_uid":"https://dxfpracgmlczp.cloudfront.net/2019/05/1557888754714_IMG_20190513_145951 hold mou.jpg","blurb_expanded_image_uid":null,"article":"\n\t\n\n\n

LiuGong and United Overseas Bank Limited (UOB) have renewed their Memorandum of Understanding (MoU) to facilitate machinery financing for LiuGong’s customers in Southeast Asia, as the company expands its business across the region.

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LiuGong and UOB have been collaborating since July 2018 to extend machinery financing solutions for LiuGong’s vendors and customers in the region. Under the terms of the new MoU, UOB will develop an end buyer financing credit framework and offer asset financing and hire purchase or lease financing to LiuGong’s customers in Indonesia and Thailand.

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UOB will also provide LiuGong’s supply chain with other financial solutions such as cash management, trade finance, working capital loans and hedging facilities. The financing support for LiuGong’s customers will help the company drive the export of its construction equipment to the region, thereby growing its revenue.

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Zeng Guang’an, chairman of LiuGong Group said, “As LiuGong continues to expand our overseas business, one of our key goals is to provide customers with complete solutions beyond our machinery and financing is a large part of these offerings. UOB gives us this opportunity in Southeast Asia.”

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“The consumption rate for LiuGong’s machinery in Southeast Asia has been strong,” said Chen Hao, president of LiuGong Machinery Asia Pacific Pte Ltd. “Our customers told us that they require machinery financing assistance, so we are happy to work with UOB to tailor made financing plans to them, thus providing a total solution.”

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Ronny Chng, head of Corporate Banking Overseas at UOB commented, “UOB is committed to providing integrated financial solutions that help companies optimise their business operations and expand across borders. Our unrivalled regional network connectivity, deep market insights, industry knowledge and strong expertise in supply chain financing enable us to support LiuGong as it expands its distribution network and increases its market share in Southeast Asia. We hope to work with more manufacturers from China to facilitate their growth plans in the region.”

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The MoU was signed at the New International Land-Sea Trade Corridor Introduction and Marketing Conference organised by the People’s Government of Guangxi Zhuang Autonomous Region.

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