Shinhan Bank Achieves Success in Digital Finance Export... Provides Cloud Banking System to Japan

Subsidiary SBJ DNX Signs Banking System Contract with Tokyo Kiraboshi Financial Group Digital Bank
Delivering Digital Consulting to Drive Digital and ICT-Based Performance Globally

Jin Ok-dong, President of Shinhan Bank.

[Asia Economy Reporter Kangwook Cho] Shinhan Bank announced on the 1st that SBJ DNX, a subsidiary of SBJ Bank, its local subsidiary in Japan, has signed a contract to provide a cloud banking system to a digital specialized bank being prepared for establishment by Tokyo Kiraboshi Financial Group, a Japanese financial company.

SBJ DNX is a subsidiary of SBJ Bank established last April with the purpose of strengthening IT development competitiveness and promoting new digital and ICT-related businesses in the Japanese market, where the digitalization of finance is expanding.

Through this system provision contract, Tokyo Kiraboshi Financial Group plans to promote a BaaS (Banking as a Service) business model that links various external platforms based on non-face-to-face services and APIs utilizing SBJ DNX's digital technology in the digital specialized bank under preparation.

In addition, to establish the DT (Digital Transformation) strategy for the entire Kiraboshi Financial Group, a digital consulting contract was also signed to provide innovative cases from Shinhan Bank and SBJ Bank, aiming to strengthen collaboration in the digital and ICT fields.

SBJ DNX plans to provide the newly established digital specialized bank with systems such as a core banking system, which SBJ Bank has operated for 10 years in Japan, mobile banking applications, and OPEN API platforms, and will provide the banking system as a cloud service to the newly established digital specialized bank in the future.

Tokyo Kiraboshi Financial Group signed a comprehensive business partnership with SBJ Bank in July 2019 and is promoting various collaborations in the Japanese and global markets, especially continuing discussions on business models utilizing Shinhan Bank's competitiveness in the digital field.

Shinhan Bank expects that this project, led by SBJ DNX and promoted through collaboration among Shinhan Bank ICT and Digital Group and Shinhan DS as a global One Shinhan model, will maximize the synergy effect of the entire Shinhan Financial Group.

A Shinhan Bank official said, "The contract with Tokyo Kiraboshi Financial Group is an achievement that proves Shinhan Bank's digital and ICT competitiveness, and it is significant in that it creates new revenue through the promotion of digital specialized bank projects and digital consulting businesses in the global market," adding, "We will continuously expand digital business by pioneering new markets in the Japanese financial market."

Meanwhile, SBJ Bank, Shinhan Bank's local subsidiary in Japan, declared its transition to a Digital Company in 2017 and has continuously upgraded its existing business model through organization-wide DT while providing innovative digital services through partnerships with various platforms such as Japan's largest messenger LINE.

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