"5G Bank Era Approaches" Shinhan Bank-SKT Promote Joint R&D Partnership

Shinhan Bank and SKT Sign Comprehensive Partnership for Joint R&D Collaboration
Activate Innovation Ecosystem through 5G-Future Finance Win-Win Support Space in Myeongdong
Plan and Promote New Future Businesses Based on Digital New Technologies

Park Woo-hyuk, Vice President of Shinhan Bank, Yoo Young-sang, Head of SK Telecom MNO Business, and Lee Myung-gu, Vice President of Shinhan Bank (from left), are posing for a commemorative photo after signing the "Shinhan Bank-SK Telecom 5G MEC-based Future Financial Services Joint Discovery Business Agreement" at SK Telecom headquarters located in Euljiro, Jung-gu, Seoul on the 1st.

[Asia Economy Reporter Kangwook Cho] Shinhan Bank announced on the 1st that it has signed a joint research and development (R&D) partnership with SK Telecom to develop innovative future financial services based on 5G.

Through this collaboration, both companies plan to jointly promote ▲ the establishment of a joint R&D cooperation model in the field of future financial services applying 5G 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.

'Expace (Experience Space)', which Shinhan Bank plans to open in Myeongdong in November, is a space for developing new businesses, where fintech companies and large corporations can collaborate and plan and verify 5G-based future financial services.

Both companies plan to actively pursue practical cooperation, such as discovering new business opportunities based on digital new technologies. The projects currently planned include ▲ joint planning of future-oriented financial spaces and services applying 5G ▲ application of undecipherable encryption technology to major financial services such as banking apps ▲ development of new revenue-generating services using financial and telecommunications data.

Additionally, taking this cooperation as an opportunity, both companies will take the lead in revitalizing the innovation ecosystem through win-win support for fintech and startups related to 5G future finance. Startups nurtured by both companies will be able to use the testbed infrastructure of Expace as well as participate in various innovation programs.

Woo-hyuk Park, Vice President of Shinhan Bank, said, "Through this cooperation, we plan to provide differentiated financial benefits and simplified financial transaction processes to Shinhan Bank customers," adding, "In particular, we will continuously discover innovative financial services by combining the big data and artificial intelligence capabilities of both companies."

Yoo Sang-yong, Head of SK Telecom's MNO Business, stated, "To provide innovative services that properly combine ICT technology with telecommunications finance, cooperation with capable operators is essential," and added, "We will provide new value to customers through innovative services linked with advanced ICT technologies such as artificial intelligence (AI) and big data."

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