"Shinhan Bank Myeongdong Building to Become Future Finance Experience Space" Partnership with SK Telecom

[Asia Economy Reporter Seulgina Jo] SK Telecom is taking the lead in innovating future financial services based on 5G MEC (Mobile Edge Computing) in partnership with Shinhan Bank.

On the 1st, SK Telecom announced that it signed a "Partnership for Joint Discovery of Future Financial Services Based on 5G MEC" with Shinhan Bank at the Euljiro SK Telecom headquarters.

Through this collaboration, both companies plan to jointly promote ▲ the establishment of a joint R&D cooperation model for future financial services applying 5G MEC technology ▲ discovery of new business opportunities based on digital new technologies ▲ activation of an innovation ecosystem through support for fintech and startups related to future finance such as 5G and AI.

As a representative case of joint R&D cooperation for future financial services applying 5G MEC technology, SK Telecom and Shinhan Bank plan to remodel Shinhan Bank’s Myeongdong Building into an 'Expace (Experience Space)' to transform it into a space where customers can experience advanced financial services.

They presented a blueprint to create a cradle for future financial services by establishing a '5G MEC-based testbed' on the 5th floor of 'Expace' and conducting joint R&D related to future financial services applying 5G technology.

At the 'testbed,' they plan to promote the planning and testing of financial services based on IT technologies such as 5G and artificial intelligence (AI), with the goal of expanding to all Shinhan Bank branches in the future. Additionally, based on SK Telecom’s advanced quantum cryptography technology, they are also considering a new quantum-secure mobile banking service applying a quantum random number generator (QRNG) to Shinhan Bank’s mobile application ‘SoL.’

The two companies also plan to jointly explore new business opportunities based on digital new technologies. By combining SK Telecom’s communication data and Shinhan Bank’s financial data, they will support startups in developing new services and products and develop new types of lifestyle-oriented services based on diverse data.

Furthermore, they will lead the activation of the innovation ecosystem by discovering fintech and innovative startups related to future finance and providing various support such as infrastructure, data provision, and promotion. Startups nurtured by both companies will have opportunities to use infrastructure such as the ‘testbed’ at Expace and participate in various innovation ecosystem support programs.

Yu Sang-yong, Head of SK Telecom’s MNO Business, said, “Collaboration with capable partners is essential for innovative services combining ICT technology with telecommunications and finance,” adding, “We will provide new value to customers through innovative services linked with advanced ICT technologies such as AI and big data.”

Park Woo-hyuk, Vice President of Shinhan Bank, said, “Through this collaboration, we plan to provide differentiated financial benefits and simplified financial transaction processes to Shinhan Bank customers,” and added, “In particular, we will continuously discover innovative services by combining each company’s big data and artificial intelligence capabilities.”

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