Hana Financial Group-SKT, Strategic Partnership for New Win-Win Growth Signed

Hanacard-SK Square Share Swap Also

[Asia Economy Reporter Yoo Je-hoon] Hana Financial Group and SK Telecom announced on the 24th that they signed a strategic partnership on the 22nd based on ultra-collaboration grounded in financial and ICT innovation to achieve new co-growth with members of our society.

First, Hana Financial and SKT will build an ESG ecosystem for co-growth with vulnerable groups, social enterprises, youth startups, and adolescents, and jointly promote various social value creation programs utilizing the financial and ICT capabilities and infrastructure of both companies. To this end, the two companies will carry out ESG activities for a better future, including ▲ cooperation to support financial solutions for small merchants ▲ joint investment in social enterprises and youth startup ventures ▲ joint development and promotion of startup incubation programs ▲ financial education for youth through metaverse platforms.

In response to the Big-Blur era, Hana Financial and SKT will also pursue new and extensive collaborative projects that transcend industry boundaries across various fields encompassing finance and ICT. Under the shared goal of 'customer value innovation,' the two companies will jointly promote future cooperation projects based on the convergence of finance and ICT in six key areas: ▲ expanding social roles through ESG cooperation ▲ digital transformation of finance ▲ discovering new business models by combining financial and telecommunications data ▲ fusion of customer-tailored products and services ▲ mutual infrastructure sharing ▲ digital-based joint marketing.

In particular, through this partnership, the two companies will formalize collaboration between 'Hana Financial Group,' a leader in finance, and the 'SK ICT Family,' a leader in ICT, building on their long-standing close cooperation. They also agreed to operate a regular synergy council involving strategic teams and related organizations from both groups to establish smooth and practical mutual cooperation processes.

The two companies will also promote digital transformation (DT) toward future finance by utilizing new ICT technologies such as AI and cloud. Collaboration in AI solutions includes providing investment information through AI chatbots and customer service via AI Contact Centers (AICC). In addition, cooperation in cloud solutions optimized for financial service development and updates will drive innovation in digital-based financial services.

Based on their data and platform competitiveness, the two companies will also pursue the discovery of new business models. Joint cooperation projects will focus on developing credit evaluation models combining financial and telecommunications data, strengthening data cooperation in the MyData business, establishing virtual branches on SKT’s metaverse platform, and building payment services within the metaverse ecosystem.

To maximize the synergy of finance and ICT convergence, SK Square will actively participate in cooperation through strategic partnerships, aiming to launch new convergent products and services that can enhance customer value in finance, telecommunications, commerce, media, and security sectors. SK Square’s subsidiaries, including ▲ 11st (commerce) ▲ Contents Wave (content) ▲ Dreamus Company (music) ▲ SK Shieldus (security) ▲ One Store (mobile), operate various customer bases and subscription-based ICT services, which is expected to significantly expand Hana Financial’s lifestyle financial service domain, according to the company.

Specialized convergent financial products and services tailored for SK ICT Family customers will also be gradually introduced. For example, developing lifestyle-customized cards for SKT customers and launching specialized insurance linked to subscription products are possible. Furthermore, various solutions combining finance and ICT, such as joint utilization plans for point systems and payment networks, will be pursued together. To promote comprehensive cooperation across various business fields, the two companies agreed to exchange shares worth approximately 400 billion KRW. SKT will sell 330 billion KRW worth of Hana Card shares to Hana Financial Group and purchase 330 billion KRW worth of Hana Financial Group shares, thereby holding about 3.1% of Hana Financial Group’s shares (based on the closing price on the 22nd).

Additionally, Hana Card, a 100% subsidiary of Hana Financial Group, will purchase SKT shares worth 68.4 billion KRW and SK Square shares worth approximately 31.6 billion KRW held by SKT, acquiring about 0.6% of SKT shares (based on the closing price on July 22) and about 0.5% of SK Square shares. Through this, the two companies will secure mid- to long-term momentum for their strategic alliance.

Ham Young-joo, Chairman of Hana Financial Group, said, "Hana Financial Group and SK Telecom, which have led Korea’s finance and technology sectors with trust and innovation, have opened a new era of partnership." He added, "Going forward, Hana Financial Group will expand the scope of collaboration through realizing customer value via digital innovation, pursuing innovative value through finance and ICT convergence, and spreading social value through cooperation in ESG sectors."

Yoo Young-sang, President of SKT, said, "This partnership will be an important starting point where leading companies in ICT and finance join forces to drive customer value innovation." He added, "SKT will closely cooperate to enhance customer value and strengthen the competitiveness of the ICT and financial industry ecosystem, and both companies will join forces in various ESG activities to further expand positive influence."

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