Shinhan Card Signs Business Agreement with 'Abley' to Strengthen Digital Ecosystem

Group SI Fund Also Concurrently Invests 30 Billion KRW

Shinhan Card announced on the 13th that it has signed a business agreement with Abley and Shinhan Capital to target the MZ generation based on digital finance. At the signing ceremony, Jeong Sang-hoon, Head of SI Finance Division at Shinhan Capital (from left), Kang Seok-hoon, CEO of Abley Corporation, and Lee Seok-chang, Head of Pay Platform Group at Shinhan Card, are taking a commemorative photo. Photo by XXX

[Asia Economy Reporter Ki Ha-young] Shinhan Card announced on the 13th that it has signed a partnership agreement with Able Corporation, the operator of 'Abley,' to develop e-commerce-based digital financial products and services.

The signing ceremony took place at Abley's headquarters in Gangnam, Seoul, with the attendance of Kang Seok-hoon, CEO of Abley, Lee Seok-chang, Head of Shinhan Card's Pay Platform Group, Jung Sang-hoon, Head of Shinhan Capital's SI Finance Division, and other officials.

Abley is a style commerce platform that offers everything related to fashion and beauty styles. It has secured a solid fandom across all age groups, including the MZ generation (Millennials + Generation Z), recording 5.2 million monthly users last month and surpassing a cumulative transaction amount of 1 trillion KRW, continuing its rapid growth.

Through this agreement, Shinhan Card plans to collaborate on developing a Private Label Credit Card (PLCC) product specialized for Abley, as well as building a dedicated payment system for Abley. Additionally, both companies will continue to promote joint marketing efforts to create synergy.

Meanwhile, to establish a strong collaborative relationship with Abley, Shinhan Financial Group jointly invested 30 billion KRW through 'One Shinhan Connect New Technology Investment Association No. 1,' a digital strategic investment fund operated by Shinhan Capital. Established in April, the fund has invested approximately 173 billion KRW to date, expanding Shinhan Financial Group's digital ecosystem.

A Shinhan Card official stated, "In line with Shinhan Financial Group's vision of 'Easier, More Comfortable, and Newer Finance,' we plan to continuously expand new products and services that resonate with the MZ generation."

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