Shinhan Card Strengthens Collaboration with Fintech Firms... "Reshaping the CB Market"

Craypas and Hanguk Geumyung Solutions, etc.
Promoting Alliances Among Innovative Financial Companies

[Asia Economy Reporter Ki Ha-young] Shinhan Card announced on the 8th that it is reshaping the credit evaluation (CB) market for individual business owners through collaboration with innovative financial companies such as the alternative credit evaluation platform 'Crepas' and the customized asset management platform 'Korea Financial Solutions.'

Shinhan Card, which is promoting the CB business for individual business owners with its own product called 'MyCredit,' is developing a differentiated credit evaluation model by combining its payment big data and credit management experience with the credit evaluation capabilities of various fintech companies, including alternative credit evaluation platforms. In addition, it is expanding its business lines more broadly compared to the existing CB market by pursuing consulting services for business-to-business (B2B) customers and providing cloud services.

First, together with Crepas, Shinhan Card developed an alternative evaluation system for its overseas subsidiaries operating in Southeast Asia, where credit screening is challenging, and introduced a global evaluation model to Shinhan Finance, its local subsidiary in Kazakhstan. They are also conducting a joint project aimed at developing models and providing financial services for thin file customers.

Recently, Shinhan Card signed a separate Memorandum of Understanding (MOU) with Crepas and plans to promote risk management consulting services for small- to medium-sized financial institutions and peer-to-peer (P2P) lending companies that find it difficult to operate their own personal credit scoring systems (CSS·Credit Scoring System) by linking Shinhan Card's CB services with Crepas's strategic operation platform.

Additionally, in collaboration with Korea Financial Solutions, which operates a customized asset management platform, Shinhan Card jointly planned and launched 'Pinset Expat,' a financial platform exclusively for foreign residents in Korea, which is currently in operation. They are also actively participating in the MyData demonstration project led by the Ministry of Science and ICT to develop services that enhance financial benefits for small business owners.

Shinhan Card is also seeking to create synergies with innovative financial companies across its overall operations. A representative example is issuing corporate cards by utilizing enterprise resource planning (ERP) data from Duzon, which is preparing for corporate credit inquiry services. Through data integration, the plan is to utilize data held by each institution more effectively and create tangible results by connecting credit services and supply chain finance operated by each company.

A Shinhan Card official stated, "Through collaboration with various innovative financial companies, we are creating differentiated results in a new form of credit evaluation business that combines individual business owner CB and non-financial CB," adding, "We will do our best to lead innovative finance suitable for the post-COVID-19 era in connection with Shinhan Financial Group's N.E.O project."

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