Visa named ‘Inclusive Company’ by Ministry of SMEs and Startups for commitment to support small businesses entering overseas markets

MOU on 11th attended by Park Youngsun, Minister of SMEs and Startups; Al Kelly, CEO and Chairman of Visa; Chris Clark, Regional President for Visa Asia Pacific

Olympic short track champion turned fashion brand CEO Park Seung-hi and other small and medium-sized business owners showcase their experiences

November 11, 2020. Visa, the world’s leading payment network, has become the 21^st company to receive ‘Inclusive Company’ designation by the Ministry of SMEs and Startups (MSS), which recognizes large businesses’ voluntary efforts to promote win-win partnership with small and medium-sized enterprises and merchants by sharing their technologies and infrastructure. The designation is a meaningful nod to Visa’s efforts to support small and medium-sized merchants, which are among the hardest hit by the pandemic, to penetrate online channels and overseas markets and make their payment process more efficient.  

At its office in Seoul on November 11, Visa signed a four-party memorandum of understanding (MoU) with the MSS, global e-commerce platform Shopify and the Korea On-Line Shopping Association (KOLSA) to assist Korean small and medium-sized businesses and merchants to advance to global markets. The signing ceremony was attended by Park Youngsun, Minister of MSS; Chris Clark, Regional President of Visa Asia Pacific; Mark Wang, East Asia Lead at Shopify; Kim Hakdo, Head of Korea SMEs and Startups Agency; and Kim Yoontae, Vice Chairman of KOLSA.

Moreover, Park Seung-hi, an Olympic gold medalist turned CEO of her own fashion brand, and key hero merchants from Visa’s Where You Shop Matter initiative, joined the ceremony to introduce their company’s products and shared their expectations for this partnership.

Visa will collaborate with homegrown startup SpurSell to establish a one-stop integrated system that helps small and medium-sized merchants penetrate overseas and online channels and provide practical support as a partner.

The partnership comprises of sales solution, advertising and marketing supports through global networks operated by Visa and its partners, in addition to a B2B solution based on Visa’s tokenization technology for more efficient payment and settlement processes.

“With e-commerce rapidly growing driven by the pandemic, I would like to thank Visa on behalf of the Republic of Korea government for the company’s multi-pronged efforts to support Korean small and medium-sized merchants to enter global online marketplaces,” said Minister Park Young-sun. “The MoU reflects the government’s strong commitment to a meaningful public-private across the border collaboration.” 

“Since first entering the Korean market in 1978, Visa as a global payment network company has been focused on establishing a strong payment ecosystem across the world. We have been especially impressed by the Korean government’s diverse efforts to overcome the crisis induced by COVID-19,” said Al Kelly, Visa CEO and chairman through a congratulatory video message. “The designation as an ‘Inclusive Company’ resonates with Visa’s core principles of Openness, Inclusiveness, and Trust.”

Chris Clark, Regional President of Visa Asia Pacific, said, “This was an opportunity to for us to have a greater sense of responsibility for the Korean market. We will do our best to provide opportunities for small and medium-sized Korean businesses to advance into bigger markets.”

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