Shinhan Card Signs MOU with Vietnam's Largest Retail Company 'Mobile World'
Shinhan Card announced on the 3rd that its local subsidiary in Vietnam, Shinhan Vietnam Finance (SVFC), and Vietnam's largest retail distribution company, Mobile World, have signed a strategic business agreement to accelerate expansion in the Vietnamese market.
Mobile World is Vietnam's number one retail distribution company, operating over 5,500 distribution channels locally, selling various electronic products such as mobile phones and laptops, and managing supermarket and pharmacy chains. Last year, it recorded sales of 6.6 trillion KRW and was valued at approximately 5 trillion KRW in market capitalization as of the end of last month on the Ho Chi Minh Stock Exchange.
Through this agreement, both companies plan to build a system to simplify the installment purchase process for electronic products. They also plan to establish a cooperative framework in various areas, including launching customized credit loans for Mobile World's 18 million customers and exclusive loan products for employees. Additionally, they are considering launching a credit card equipped with Mobile World-specialized services and a Buy Now Pay Later (BNPL) service next year.
Furthermore, Dongkwon Moon, CEO of Shinhan Card, visited Vietnam on the 29th of last month to attend the strategic business agreement ceremony with Mobile World. CEO Moon met with Mobile World's CEO and executives to explore various cooperation plans to create synergy between the two companies as strategic financial partners.
A Shinhan Card official stated, "Based on the know-how of K-finance and a strong organizational culture, we will solidify our position in overseas financial markets," adding, "We plan to strengthen global cooperation with Mobile World not only in Vietnam but also in other countries in the future."
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Moon Dong-kwon, President of Shinhan Card (right), and Doan Van Hieu Em, CEO of Mobile World Mobile & Electronics Division (left), are taking a commemorative photo at the strategic business agreement ceremony. Photo by Shinhan Card
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