Shinhan to help SMEs in Southeast Asia

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By Lee Kyung-min

Shinhan Bank said Monday it has expanded a global management consulting program to help small- and medium-sized enterprises (SMEs) in Southeast Asia including India.

Since the program was established in 2016, about 60 firms have received consultations thus far, mostly on seeking business opportunities in Vietnam.

A considerable number of Korean firms including Samsung Electronics and SK hynix, the country's top chip makers, have established manufacturing bases in the region.

The new plan comes amid growing demand from business owners seeking to gain a foothold in the relatively “untapped” market.

Precise and need-based business consultation will be offered through continued cooperation with local experts, further bolstered by the efficient use of high volumes of data.

Eligible for the service are firms seeking to establish a corporate entity or manufacturing facilities there, seeking business partners concerning provision of parts and labor force and investing in commercial properties.

Tailored consultations will be offered involving overall investment process, business plan marketability, target analysis and tax and labor settlement issues.

“The plan will increase customer satisfaction thereby helping us become instrumental in fostering the SMEs in need of stable and long-term financing,” a Shinhan official said.

Firms that wish for consultations can contact Shinhan branches nationwide.

The move is part of efforts to help Korean firms strengthen their business presence in the region, in line with New Southern Policy, a signature diplomatic initiative led by President Moon Jae-in.

Focused on the so-called three Ps, “People, Peace and Prosperity,” the policy seeks to diversify overseas trading partner by reducing heavy dependence on China and the U.S.