Shinhan Bank Selected as Dedicated Bank for Fund Management of 'Single-Use Cup Deposit System'

Agreement Signed Between Resource Circulation Deposit Management Center and Main Banking Partner

Jin Ok-dong, President of Shinhan Bank (right), and Jeong Bok-young, Chairman of the Resource Circulation Deposit Management Center, are posing for a commemorative photo after signing a business agreement.

[Asia Economy Reporter Kwangho Lee] Shinhan Bank announced on the 28th that it has signed a main banking business agreement with the Resource Circulation Deposit Management Center and will support all financial operations related to the operation of the disposable cup deposit system until 2026.

Through this agreement, Shinhan Bank will form a dedicated team to carry out the "disposable cup deposit system" project together with the Resource Circulation Deposit Management Center. In particular, it will support the development of the deposit management system and a consumer-exclusive deposit application (app) of the Resource Circulation Deposit Management Center, and will also equip the same functions in Shinhan SOL to enable convenient purchase, return, and use of disposable cups.

Shinhan Bank was selected as the dedicated bank capable of transparently and systematically operating and managing the deposits after receiving high evaluations in March through a competitive bidding process for its experience and know-how in building public institution fund management systems, as well as its sense of responsibility from the perspectives of environmental preservation and ESG (environment, social, governance).

The Resource Circulation Deposit Management Center is a specialized institution for the deposit system established on June 10 to promote the collection, reuse, and recycling of glass bottles, disposable cups, and others, contributing to environmental conservation and the sound development of the national economy.

According to government policy, starting from June 10 next year, a disposable cup deposit system will be implemented where a certain amount of deposit will be charged when ordering beverages at coffee shops, etc., and the deposit will be refunded upon returning the cup. The Resource Circulation Deposit Management Center, as the main entity of the system, will carry out various projects to suppress disposable cup usage and increase cup collection rates.

Jin Ok-dong, the bank president, said, "This is a meaningful project in which the entire nation participates to realize environmental preservation and a carbon-neutral society, which are core values of the era," adding, "Shinhan Bank will do its best to establish a circular economy paradigm through a stable deposit refund platform."

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