SC, Hyundai join hands to develop premium financial products

Jang Ho-joon, left, vice president at SC Bank Korea's retail banking group, poses with Hyundai Card CEO Kim Deok-hwan after signing a strategic partnership agreement in Seoul, Tuesday. Courtesy of SC Bank Korea

By Lee Min-hyung

Standard Chartered (SC) Bank Korea has teamed up with Hyundai Card to jointly develop premium financial products.

Under the strategic partnership, both companies will launch a credit card sometime in the latter half of 2022, which they said allows customers to enjoy special promotional benefits from SC and Hyundai Card.

The two companies also said they would keep launching a diverse set of financial products in wider areas, such as loans and investments.

Given that the two financial firms have strong premium brand identities, they reached a consensus in developing more high-end financial products. SC has expertise in wealth management, with the bank having a global network in around 60 countries. Hyundai Card, a leading player in Korea's VIP card market, has also pushed for premium strategies by launching a series of special credit cards featuring symbolic colors.

The two companies also agreed to expand their business ties not just in retail sectors, but also in research and development. They underscored that the latest partnership is aimed at mapping out a broader set of joint business strategies. Toward that end, they will share their know-how on data management and set up joint strategies for future business models.

“The latest partnership is meaningful in that the two financial firms holding expertise in different business areas have laid a foundation for co-developing innovative and differentiated products,” Jang Ho-joon, vice president at SC Bank Korea's retail banking group, said.

Hyundai Card also said it would continue to enhance its ties with SC for more business synergy down the road.

“Both companies will be collaborating with each other by taking advantage of their data science capabilities and business competitiveness,” Hyundai Card CEO Kim Deok-hwan said.

“We will also help customers enjoy more convenient experiences through the business synergy from both companies,” he added.