Shinhan Bank launches new project to accelerate digitization

Shinhan Bank CEO Jin Ok-dong / Korea Times file

By Anna J. Park

Shinhan Bank has launched a new project that it calls “O2O” ― meaning on-and-offline ― to accelerate digitization and go beyond the realm of traditional finance.

Under the project, Shinhan aims to bolster its mobile application to function as a platform service provider, which facilitates not only financial transactions, but also the operation of innovative, data-based businesses.

“The O2O project was launched according to the leadership of Shinhan Bank CEO Jin Ok-dong, who plans to build an innovative business linking online and offline realms, as well as the traditional banking and non-financial business,” an official from Shinhan Bank said.

“In a way, the project is like a start-up within a bank, and will be a differentiated digital platform from other banks,” the official added. He referred to this set-up as a “Company in a Bank.”

The project will have its own staff, budget and infrastructure that are completely different from the traditional Shinhan Bank system, to bring out the maximum level of innovation.

Setting up a mobile platform for food deliveries is one of their first goals in the near future. The firm has already received approval from the Financial Services Commission to seek out innovative financial services.

Shinhan Bank said it also aims to rearrange its teams and system to facilitate more platform services to improve and innovate operations using the bank's resources and experience.