Shinhan Card Partners with Lotte Rental for Car Rental Service Collaboration

by Jun Youngjoo

Published 23 Feb.2024 12:33(KST)

Shinhan Card announced on the 23rd that it has signed a strategic partnership agreement (MOU) with Lotte Rental to cooperate in the rental car market. Through this agreement, both companies will collaborate to enhance convenience for rental car users and secure future profits.

Shinhan Financial Group disclosed on the same day that it will sell a portion of its long-term rental car assets held by Shinhan Card (worth approximately 180 billion KRW) to Lotte Rental.

Going forward, Shinhan Card rental car users will be able to utilize Lotte Rental's vehicle management infrastructure. Lotte Rental plans to prioritize using Shinhan Card when purchasing commercial vehicles and will use Shinhan Card financial products within the Lotte Rental platform when selling used cars later. Shinhan Card expects an increase in merchant fees and financial product handling volume.

A Shinhan Card official stated, “Through this partnership, we have expanded ‘embedded finance,’ allowing consumers to access Shinhan Card financial products anytime and anywhere, providing convenient financial services. We will continue to pursue partnerships that enhance accessibility and convenience.”

Shinhan Card and Lotte Rental have signed a strategic partnership agreement (MOU) to collaborate in the rental car market.