Shinhan Bank Launches 'Non-face-to-face Service for Forward Exchange Transaction Confirmation'

[Asia Economy Reporter Kwangho Lee] Shinhan Bank announced on the 17th that it will start a service allowing export-import corporate customers to submit transaction confirmation documents for forward exchange transactions non-face-to-face.

Forward exchange transactions are a foreign exchange hedging product frequently used by export-import corporate customers to hedge against exchange rate risk due to currency fluctuations.

Until now, when export-import corporate customers concluded forward exchange transactions by visiting a branch or by phone, the bank had to prepare a transaction confirmation document to verify the transaction details, and the export-import corporate customers had to manually stamp and submit the transaction confirmation document to the bank.

The non-face-to-face forward exchange transaction confirmation service enables this process to be done remotely, enhancing the convenience of forward exchange transactions for export-import corporate customers. After concluding a forward exchange transaction, corporate customers can verify the transaction details and authenticate the transaction confirmation document through the additional services menu in Shinhan Bank’s corporate internet banking foreign exchange section, completing the submission process.

A Shinhan Bank official said, "We hope that export-import corporate customers will use forward exchange transactions more conveniently through this service," and added, "We will continue to provide various customer-centered services to enhance customer convenience."

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