Shinhan Financial Group Acquires 10% Stake in Vietnamese E-commerce 'Tiki'... Becomes Third Largest Shareholder
Shinhan Bank and Card Purchase 7% and 3% Respectively
Collaboration Expected to Increase Customer Contact Points and Utilize Non-Financial Information
[Asia Economy Reporter Minwoo Lee] Shinhan Financial Group is set to become the third largest shareholder of the Vietnamese e-commerce company 'Tiki,' which has over 20 million customers. The group plans to pursue cooperation in various areas, including expanding customer touchpoints and advancing credit evaluation based on non-financial information.
On the 2nd, Shinhan Financial Group announced that it had signed an equity investment agreement to acquire a 10% stake in Tiki. The group's major affiliates, Shinhan Bank and Shinhan Card, will acquire 7% and 3% stakes respectively. Once the acquisition is completed, Shinhan Financial will become Tiki's third largest shareholder. However, the amount of the investment was not disclosed.
Tiki is a Vietnamese e-commerce company growing by leveraging a wide range of products from groceries to digital services and fast delivery. Since Shinhan Financial's group companies, including Shinhan Bank, Shinhan Card, Shinhan Investment Corp., Shinhan Life, and Shinhan DS, have entered Vietnam and are actively conducting business targeting local customers in various fields such as retail, corporate finance, investment banking (IB), and wealth management (WM), they plan to collaborate in areas such as ▲diversifying customer touchpoints ▲advancing credit evaluation based on non-financial information ▲responding to the digital environment.
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A Shinhan Financial Group official stated, "Based on the financial expertise held by Shinhan Financial and the extensive data possessed by Tiki, we will be able to create a new convergent digital ecosystem locally in Vietnam," adding, "We will continue to accelerate our transformation into a top-tier digital company through strategic partnerships with various non-financial companies."
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