Shinhan Bank Signs Agreement with NHN Payco to Promote Innovative Services

Shinhan Bank Headquarters Exterior View

[Asia Economy Reporter Kwangho Lee] Shinhan Bank announced on the 16th that it has signed a business agreement with NHN Payco to discover new services for MZ generation (Millennials + Generation Z) customers and to strengthen its lifestyle financial platform.

At the business agreement ceremony, Shinhan Bank's Jeon Pilhwan, Head of the Digital Strategy Group, and NHN Payco's CEO Jeong Yeonhoon attended and agreed to jointly promote ▲ service convergence and new business partnerships ▲ online and offline joint marketing cooperation ▲ collaboration for digital innovation and customer value upgrades.

Through this business agreement, Shinhan Bank expects to provide "easier, more comfortable, and newer financial" services for the MZ generation based on Payco's data and customer touchpoints, which have high usage rates among the 2030 generation.

Shinhan Bank plans to develop the banking industry's first BNPL (Buy Now Pay Later) service together with NHN Payco to introduce innovative financial payment solutions targeting MZ generation customers. BNPL is a "purchase first, pay later" service that allows buying goods without cash and paying later, rapidly emerging as a global financial market trend due to the expansion of e-commerce.

Additionally, both companies plan to jointly develop specialized financial products for Payco's MZ generation customers and affiliated merchants, and expand services on the Payco platform to enable Shinhan Bank's business loans and jeonse loan limit inquiries.

A Shinhan Bank official stated, "Through the combination of Shinhan Bank and NHN Payco, we will provide innovative lifestyle financial services that are completely different from existing ones."

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