SC Jeil Bank Partners with Hyundai Card to Jointly Develop Premium Products

Partnership Cards to Launch in Second Half of Year... Deposit, Loan, and Investment Products Also to Be Introduced

Jang Hojun, Head of Retail Banking Group at SC First Bank (left), and Kim Deokhwan, CEO of Hyundai Card, are posing for a commemorative photo after signing a strategic partnership between the two companies on the 5th. (Photo by SC First Bank)

[Asia Economy Reporter Minwoo Lee] SC First Bank and Hyundai Card have joined forces to jointly develop various partnership products and services. In particular, since both companies have strengths in premium products, they are expected to focus on this area first.

SC First Bank announced on the 6th that it signed a strategic partnership with Hyundai Card on the 5th at Hyundai Card headquarters in Yeongdeungpo-gu, Seoul, and agreed to carry out close collaboration in various fields such as developing various partnership products and services. The purpose is to maximize customer expansion and convenience improvement effects through business convergence beyond industry boundaries and multifaceted cooperation that leverages the strengths of both companies.

According to this business agreement, the two companies plan to promote ▲joint development of partnership products and financial services ▲premium marketing ▲collaboration based on data science. Moving beyond the existing credit card company-bank partnership model that remained at the level of simple customer acquisition cooperation, they intend to build a collaborative system by broadly exchanging the vast data and business experience each holds. They are expected to promote easy application for partnership products as well as various cross-marketing activities.

In particular, both companies plan to actively leverage their strengths in premium products and services. As the first outcome, they will launch a partnership card equipped with Hyundai Card’s benefits and SC First Bank’s financial services in the second half of the year. Subsequently, various deposit, loan, and investment products will be introduced sequentially.

Jang Hojun, Head of Retail Banking Group (Vice President) at SC First Bank, said, "This partnership is meaningful in that it has laid the foundation for synergy and competitiveness through innovative and differentiated cooperation between two companies with different strengths in a financial environment where data and digital have rapidly emerged as key survival factors." He added, "We will provide more satisfying financial products and services to customers through collaboration that utilizes each other’s strengths."

Kim Deokhwan, CEO of Hyundai Card, said, "We plan to carry out various collaborations by utilizing the data science capabilities and business competitiveness of both companies," and added, "We will strive to further enhance customer convenience through this collaboration."

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