Shinhan Bank Cambodia Launches E-TukTuk Loan

Providing Auto Finance Products in Collaboration with Local Ride-Sharing Mobility Company Emble (MVL)

[Asia Economy Reporter Park Sun-mi] Shinhan Bank announced on the 24th that it has launched the E-TukTuk loan, an auto finance product, in collaboration with MVL, a local ride-sharing mobility company in Cambodia.

The E-TukTuk is an eco-friendly electric three-wheeler launched by MVL, which converts the three-wheeled vehicle (TukTuk), a major public transportation means in Cambodia, into an electric vehicle, drawing significant attention in Cambodia where environmental issues are severe.

Since 2019, Shinhan Bank has been strategically partnering with MVL, which operates ride-sharing services in three Southeast Asian countries (Singapore, Vietnam, Cambodia), integrating an e-wallet module into the vehicle-hailing application (app) to provide basic payment services. The bank has also made strategic investments, pursuing a business strategy that directly participates in Cambodia's digital ecosystem.

Shinhan Cambodia Bank provides the E-TukTuk loan to drivers affiliated with MVL and plans to introduce various financial services such as data-based credit loans by analyzing drivers' operation data and financial transaction information after loan execution. Additionally, the bank plans to collect and analyze data not only on drivers but also on passengers, applying it to digital platforms and actively offering new financial services in the Cambodian retail market.

A Shinhan Cambodia Bank official said, “We hope that the launch of this eco-friendly vehicle loan will mark a new beginning in finance for Shinhan Cambodia Bank customers,” adding, “In line with Shinhan Financial Group’s vision of ‘Easier, More Comfortable, and New Finance,’ we will provide convenient financial services through diverse data analysis.”

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