Shinhan chairman heads digital committee

By Kim Bo-eun

Shinhan Financial Group Chairman Cho Yong-byoung

Shinhan Financial Group said Monday it will set up a new digital committee that will discuss business opportunities as part of the government's "digital new deal" policy.

The Moon Jae-in administration is pushing forward with the project to create jobs and boost Korea's competitiveness as a digital-based economy by expanding related infrastructure such as 5G networks and others incorporating new technologies including artificial intelligence (AI).

Shinhan Financial Group Chairman Cho Yong-byoung will head the new committee, and the CEOs of seven of Shinhan's units will be members ― these include the bank, card firm, brokerage and life insurance affiliates.

Shinhan said the digital committee will seek to accelerate the group's data business and expand investment for programs fostering startups.

In addition, 10 of Shinhan's affiliates will take part in a system under which CEOs will play a leading role in incorporating AI, big data, cloud and blockchain into their digital transformation processes. For example, Shinhan Bank CEO Jin Ok-dong will be tasked to ensure that AI capabilities are developed for the bank's digital transformation.

Shinhan said it will also develop a pan-group program to foster digital talent. The group said courses will include digital finance, AI and blockchain.

Finally, Shinhan said it will expand the "Shinhan Digital Innovation Institute," its R&D center.

The group said it will execute 35 follow-up tasks derived from a series of meetings on digitization held in recent months.

Shinhan plans to set up a system that will track the group's developments in digitization, and boost communication and cooperation between group units in these efforts.

"We have set up a mechanism that will drive Shinhan's digital transformation on the basis of discussions that took place in the series of meetings on digitization," an official said.

"Based on this project, we plan to offer differentiated value to customers, launch innovative products and services and lead in digital finance."