Shinhan Bank and KT Sign Digital Business Promotion Agreement for Small and Medium-Sized Merchants

[Asia Economy Reporter Kwangho Lee] Shinhan Bank announced on the 28th that it has signed a business agreement with KT to promote new data-driven businesses and digital transformation for small and medium-sized merchants.

Through this agreement, KT will provide its self-developed commercial district analysis service called 'Jalnagage' free of charge to small and medium-sized merchant customers, and Shinhan Bank will integrate a non-face-to-face business loan process into the Jalnagage platform, enhancing customer convenience by offering not only commercial district analysis for the required areas but also non-face-to-face loan services.

Shinhan Bank plans to provide various financial services for small and medium-sized merchants by linking KT's telecommunications and commercial district analysis data, and aims to establish a strategic partnership to jointly promote continuous new businesses by combining the big data held by both companies.

In particular, Shinhan Bank has laid the foundation to develop a new alternative credit evaluation model for small and medium-sized merchants through this agreement.

A Shinhan Bank official said, "Taking this agreement with KT as an opportunity, we will provide small and medium-sized merchants with the benefits of both companies' data, digital solutions, and financial services," adding, "We will continuously discover and provide converged services that can overcome the crisis caused by COVID-19."

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