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Shinhan Bank will apply “digital technology” in Vietnam… set up a special organization

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Created by Future Bank Group to strengthen digital opportunities
Signed business agreement with local e-commerce company TIKI.

Shinhan Bank President Jin Ok-dong (front row fourth from left) and other attendees pose for a commemorative photo at the “Future Bank Group Inauguration Ceremony” held in Ho Chi Minh City, Vietnam on the 17th.

Shinhan Bank announced on the 18th that on the 17th (local time) a “Future Bank Group” launch announcement ceremony was held in Ho Chi Minh City, Vietnam to promote Shinhan Vietnam Bank’s retail business digital growth strategy.

The ceremony was attended by officials from Shinhan Financial Group, including Shinhan Bank President Jin Ok-dong, executives and employees of Shinhan Vietnam Bank, and key figures from local digital companies.

The Future Bank Group was established as an independent entity in the form of “Bank In Bank (BIB)” and given independent powers. The group consists of the Digital Strategy Headquarters, BIB Business Group and ICT Headquarters, and plans to respond quickly to the rapidly changing digital finance and strengthen internal digital capabilities.

Through this, Shinhan Vietnam Bank will strengthen its status as a digital bank in Vietnam by strengthening its digitally-enabled retail business along with its existing 43 offline branch channels.

In an encouraging speech, Bank President Jin said, “As the financial industry faces a wave of major changes, the launch ceremony of ‘BIB’ will be a momentum to promote digital business, empathizing with the inevitability of digital change and innovation.”

On the same day, Shinhan Financial Group also signed a mutual development business agreement with TIKI, a leading Vietnamese e-commerce company. TIKI is an e-commerce company with over 20 million customers in Vietnam. Recently, Shinhan Financial Group also signed a contract to acquire a 10% stake in TIKI.

Both companies plan to contribute to the creation of a new digital ecosystem for the financial complex in Vietnam, based on Shinhan Financial’s financial expertise and TIKI’s broad customer base and data.

In addition, Shinhan Bank of Vietnam decided to form a consortium with Korean platforms that entered the local market, such as Baedal Minjok and Market Saigon, to develop active cooperation such as affiliate marketing and local product launches.

Kim Yoon Ju, staff correspondent kim.yoonju1

Source: Economist

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