Shinhan Bank aims at global market with fintech
Promotional image of Shinhan Bank’s “Sunny Bank My Car Service” / Courtesy of Shinhan Bank
By Nam Hyun-woo
Shinhan Bank said Tuesday that it aims to jump into the international market with its global fintech services, pioneered by its Sunny Bank Vietnam mobile-specialized banking service.
The bank said in a statement that it launched its “Sunny Bank My Car Service” in Vietnam earlier this month. The service allows an auto dealer to apply for its customers’ loans through a smartphone application. It is the first of its kind in Vietnam, the company said.
The launch came after the bank launched Sunny Bank simultaneously in Korea and Vietnam in December last year. In the Vietnamese version of the mobile banking service, customers can use not only the bank’s financial services but also enjoy various culture content.
One example of what’s available through Sunny Bank Vietnam is the story of Luong Xuan Truong, who plays for Incheon United in the K-League Classic as the first Vietnamese import to play in Korea’s top-tier pro football league.
According to Shinhan, Sunny Bank Vietnam has garnered 20,000 members four months after its release, with customers in their 20s to 30s accounting for 90 percent of the total.
The bank said it has been one of the leading foreign banks in Vietnam and will become the foreign bank with the most networks in the country when it opens four new branches and offices which gained regulatory approval earlier this year.
Alongside Vietnam, the bank in April released “LINE Pay ATM Exchange-Withdrawal Service,” which allows Japanese customers using LINE Pay to withdraw won at some 6,500 Shinhan Bank cash machines in Korea.
The bank said it has been making great strides in its efforts to enter foreign markets such as Indonesia, the Philippines and Australia after Cho Yong-byoung was appointed CEO of the bank.