Shinhan Financial Group and KT Jointly Promote Strengthening Digital New Business and Platform Capabilities

Shin Yong-byeong, Chairman of Shinhan Financial Group (left), and Koo Hyun-mo, CEO of KT, are posing for a commemorative photo after signing a business agreement.

[Asia Economy Reporter Kwangho Lee] Shinhan Financial Group announced on the 8th that it has signed a Memorandum of Understanding (MOU) with KT to strengthen digital new business and platform capabilities.

Shinhan Financial is focusing its company-wide capabilities to leap into a leading digital group, and plans to promote various digital new businesses through the MOU with KT, which possesses digital platform expertise.

First, the two companies will jointly develop a digital finance model to enter new markets through data cooperation between the heterogeneous industries of finance and telecommunications. They also agreed to jointly launch innovative products and services in various fields of digital finance.

Shinhan Financial and KT are considering joint research to develop technologies that can enhance customer convenience based on AI technology. Utilizing KT's digital infrastructure, the two companies plan to jointly conduct various R&D projects such as AI technology-based finance-specialized text, voice, and language models.

Shinhan Financial has integrated Shinhan Bank's non-face-to-face business loans into KT's big data-based commercial district analysis service platform "Jalnagage," enabling small business customers to easily apply for loans.

Additionally, through data cooperation between My Shop Partner, Shinhan Card's representative marketing platform for small business owners and self-employed individuals, and the Jalnagage platform, the two companies plan to further upgrade their commercial district analysis services.

Furthermore, the two companies will officially launch Howfit, Shinhan Life's AI-based home training service, on Olleh TV within this year. By installing the Howfit service, which was previously only available on mobile, on Olleh TV, customers can easily use specialized home training services such as AI posture correction and live classes at home on a larger TV screen.

The two companies also plan to explore various cooperation methods in non-financial platform business areas such as metaverse, education, and pets. In addition, they will actively cooperate to expand the young customer base by promoting joint marketing linking telecommunications and finance targeting the MZ generation.

Shinhan Financial Chairman Cho Yong-byeong said, "The meeting of Shinhan and KT will provide an innovative experience to customers of both companies," adding, "It will present a new model of future finance and contribute to creating greater value for our society."

KT CEO Koo Hyun-mo stated, "We expect to showcase various financial DX models based on synergy between the country's largest digital platform company and financial group," and added, "We will open a new paradigm of future finance with customer-centered differentiated digital convergence services."

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