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| Hana Financial Group Chairman Ham Young-joo, center in the front row, and SK Telecom President and CEO Ryu Young-sang, fourth from left in the front row, pose with executives of both companies during a ceremony to mark a joint partnership at the banking group's headquarters in central Seoul, Friday. The partnership is also joined by SK Square, an investment arm of SK Group. Courtesy of Hana Financial Group |
Web 3.0, job creation, shared business model are among areas of focus
By Yi Whan-woo
Hana Financial Group, jointly with SK Telecom and SK Square, have formed a strategic partnership to combine their expertise in finance and information and communications technology (ICT) to take lead together in innovative financial services using digital technology, the banking group announced on Sunday.
It said the three will jointly invest in Web 3.0, the third generation of the World Wide Web aimed at a decentralized and secure internet that allows users to directly interact and create digital content by using blockchain technology and advanced artificial intelligence (AI).
Web 3.0 will be an improvement from Web 2.0 in which big tech-owned platforms can control information, and therefore, will drastically change how people use the internet.
The planned cooperation on digital finance will be one of three joint initiatives addressed by Hana Financial Group, SK Telecom and SK Square to enhance cooperation across their business boundaries.
The two other initiatives are job creation for young people and support for small business owners and the development of a shared business model in which customers can enjoy services offered by both Hana Financial Group and SK Telecom.
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| Hana Financial Group Chairman Ham Young-joo, left, pose with SK Telecom President and CEO Ryu Young-sang, during a ceremony to mark a joint partnership at the banking group's headquarters in central Seoul, Friday. The partnership is also joined by SK Square, an investment arm of SK Group. Courtesy of Hana Financial Group |
"We're glad to take our first step together toward innovation in digital finance, and I look forward to pioneering the new era of co-prosperity," the group's Chairman Ham Young-joo said during a ceremony, Friday, to commemorate the three-way partnership.
The chairman noted the partnership, is beginning to be materialized after executives of Hana Financial Group and SK Telecom and SK Square, each mobile network arm and investment arm of SK Group, met in April to form a joint consultative body on future growth engines.
They accordingly have discussed potential areas that they can work on to create synergy in their respective businesses.
In a separate address, SK Telecom President and CEO Ryu Young-sang found the partnership with Hana Financial Group meaningful, saying, "It is the fruit of cross-business cooperation among the leading companies in ICT and finance."
"We'll continue to work closely on the three initiatives and go ahead in the sectors of ICT and finance," Ryu added.
Concerning Web 3.0, the involved partners will prioritize developing blockchain-based financial technology.
To do so, more than 207 global offices of Hana Financial Group in 25 countries will be mobilized to share the banking group's sales expertise with SK Telecom and SK Square.
The three sides also will capitalize on nurturing prospective startups on Web 3.0, supporting them by sharing combined abilities and investing in a range of projects.
Additionally, Hana Bank, Hana Securities, Hana Card, all affiliates of Hana Financial Group, together with four ICT-related business arms of SK Group ― SK Telecom, SK Broadband, 11 Street and T Map ― will find ways to combine their business data.
The job creation for young people and support for small business owners are planned with the goal of spreading goodwill and making society better for all.
To offer jobs, Hana Financial Group will operate its project to nurture digitally-skilled workers jointly with SK Telecom.
Two youth educational projects formerly run by each companies ― programming languages by SK Telecom and basic finance by Hana Financial Group ― will now be co-managed by both companies.
A new joint program, titled "Accelerating," will be launched to foster startups with environmental, social, and corporate governance-oriented management through investment and mentorship programs.
For small business owners, Hana Financial Group will discuss with SK Shieldus, a SK Square subsidiary, concerning unmanned stores, seed money, lowered interests on bank loans and other services that can help them successfully set up their operation.
Hana Financial Group and SK Telecom plan multiple experimental businesses to set up a shared business model.
Among the businesses will be expanded banking service by Hana Bank at "ifland," a metaverse platform operated by SK Telecom, as well as currency exchange, international roaming and an AI banking clerk, all available on mobile platforms of either company.
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