Shinhan Card Forms Strategic Partnership with Bungaejangter to Target MZ Generation

Strategic Partnership Agreement Signed with Secondhand Trading Platform 'Bungaejangter'

Shinhan Card announced on the 13th that it has signed a business agreement with Bungaejangter to develop digital content specialized for the MZ generation and to create synergy through the connection between the two companies' platforms. At the signing ceremony held at The Hyundai Bugeuzteu Lab in Yeouido, Seoul, Youngjin Lim, President of Shinhan Card (left), and Jaewoo Lee, CEO of Bungaejangter (right), are taking a commemorative photo.

[Asia Economy Reporter Ki Ha-young] Shinhan Card recently established a strategic partnership with 'Bungaejangter,' a secondhand trading platform favored by the MZ generation (Millennials + Generation Z), to jointly develop new business models.

On the 13th, Shinhan Card announced that it signed a business agreement with Bungaejangter to develop MZ generation-specialized services and expand platform T&T (Traffic & Transaction) through linking both companies' platforms.

The signing ceremony took place at The Hyundai Bugeuzteu Lab in Yeouido, Seoul, which has emerged as a sneaker sanctuary, attended by Lee Jae-hoo, CEO of Bungaejangter, Lim Young-jin, President of Shinhan Card, and other officials. At the event, the two company representatives participated wearing sneakers matching the store concept and attracted attention by creating and exchanging the agreement not on paper but as non-fungible tokens (NFTs).

Through this agreement, Shinhan Card plans to secure a solid partnership base in the growing secondhand trading market while linking with the newly launched Shinhan Play to promote new content development and expand platform customers. In particular, Shinhan Card recognized the importance of the secondhand trading market, which has grown to a scale of 20 trillion KRW annually, and the MZ generation, which has emerged as the next major consumer group, and pursued a partnership agreement with Bungaejangter, whose platform trading customers consist of more than 70% MZ generation.

To commemorate the strategic partnership, Shinhan Card and Bungaejangter also prepared joint marketing offering 5% cashback (up to 10,000 KRW) on purchase amounts through the Bungaejangter application (app).

Meanwhile, Shinhan Financial Group highly values the collaborative potential of the two companies and Bungaejangter’s growth prospects, providing full support at the group level, including making a strategic investment of 30 billion KRW in Bungaejangter last month through the group SI fund managed by Shinhan Capital.

A Shinhan Card official said, "We expect the meeting of two industry-leading platforms to create new synergy between the platforms," adding, "We will connect customers’ finance and lifestyle to create easier, more comfortable, and newer services."

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