Shinhan Bank Signs Strategic Business Agreement with Douzone Bizon

Combining Digital Finance and Enterprise-Specialized Business Platforms

Jin Ok-dong, President of Shinhan Bank (left), and Kim Yong-woo, Chairman of Douzone Bizon, are posing for a commemorative photo after signing a business agreement.

[Asia Economy Reporter Kwangho Lee] Shinhan Bank announced on the 4th that it has signed a strategic business agreement with Duzon Bizon to jointly promote an innovative platform business that combines digital finance and enterprise-specialized business platforms.

Duzon Bizon is a leading company in the enterprise resource planning (ERP) market, with 130,000 customers in the public institutions, large corporations, and small and medium-sized enterprises markets, and plans to expand to the individual business owner market to secure about 2 million customers.

The planned projects include ▲ development of services combining financial solutions and business platforms ▲ development of corporate credit evaluation models and factoring business through financial and non-financial data analysis ▲ retail financial services for corporate employees ▲ establishment of enterprise-specialized business platforms focusing on the customer bases and research and development (R&D) capabilities of both companies, and further plans to expand cooperation to global markets.

A Shinhan Bank official said, "Through bold partnerships and mutual cooperation with Duzon Bizon, we aim to become a data-driven company and implement a platform integration strategy based on the BaaS (Bank as a Service) model."

A Duzon Bizon official stated, "By internalizing Shinhan Bank's abundant financial service know-how with Duzon Bizon's new ICT capabilities such as cloud and big data, it will be possible to build an innovative enterprise-exclusive digital finance platform," adding, "We will continue a close cooperative system as digital transformation partners beyond a simple partnership in the future."

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