Shinhan Card's Mid-term Win-Win 'Rental Brokerage Platform' Selected as Innovative Financial Service

Allow Small and Medium Manufacturers to Offer Rental Products
Rental Processing Agency

[Asia Economy Reporter Ki Ha-young] Shinhan Card announced on the 20th that its 'Shinhan Card Rental Brokerage Platform Service,' which supports small and medium-sized manufacturers and distributors in selling rental products, has been selected as an innovative financial service by the Financial Services Commission.

The rental brokerage platform is a win-win cooperation-based rental platform where Shinhan Card manages everything from account management to maturity payment management on behalf of small and medium-sized manufacturers, allowing them to enter the rental market without rental processing infrastructure. Rental processing refers to establishing processes to provide rental services such as rental eligibility screening, electronic contract agency, billing schedule creation, payment, mid-term and maturity termination.

The existing rental market had entry barriers for small and medium-sized manufacturers due to rental fee collection risks caused by lack of credit evaluation and management standards, as well as the cost of building processes. Recognizing these needs, Shinhan Card plans to support small and medium-sized manufacturers using Shinhan Card's rental brokerage platform to expand their market by leveraging Shinhan Card's financial capabilities and channel infrastructure. A pilot test will be conducted within this year, and the business will be expanded in earnest from next year.

Im Young-jin, CEO of Shinhan Card, said, "The selection as an innovative financial service is meaningful as it is a win-win service that helps the growth of small and medium-sized enterprises through the financial capabilities and know-how that Shinhan Card has accumulated so far," adding, "We will continue efforts to evolve beyond being the number one in innovative finance to becoming world-class in line with the Financial Authorities' innovative financial service promotion purpose."

Meanwhile, Shinhan Card has been selected for innovative financial services for six projects including personal business credit evaluation, credit card-based remittance service, small investment service in overseas stocks during card payment, facial recognition payment service, real estate monthly rent card payment service, and now the rental brokerage platform. Shinhan Card is the only company with six innovative financial services selected.

This content was produced with the assistance of AI translation services.