Shinhan Bank Vietnam received a certificate of merit on Thursday for outstanding achievements in the banking industry's digital transformation at the State Bank of Vietnam's 2023 Digital Transformation Event in Hanoi.
Shinhan Bank took part in this event by exhibiting outstanding digital products/services launched by the bank over the years to encourage customers to use digital utilities that stand out and improve their experience.
With the goal of becoming one of the leading digital banks in Vietnam by 2030, the bank has been actively promoting the digital transformation process through the establishment of the "Future Bank Group" in May 2022 to increase the use of digital devices in its retail business. In December 2022, the bank also launched the latest version of the Shinhan SOL Vietnam digital banking application with a more user-friendly layout and convenient features.
Shinhan Bank also actively encourages customers to use and transact through the Shinhan SOL Vietnam application by launching utilities such as "Cashback shopping" for hundreds of brands, while at the same time strengthening cooperation with reputable Fintech partners in Vietnam such as MoMo, Tiki, and Baemin to provide customers with a superior digital banking ecosystem.
The digital transformation at Shinhan Bank is evident through significant numbers. By the end of the first quarter of 2023, nearly 1.1 million people had logged into Mobile Banking/Internet Banking. Shinhan Bank continues to collaborate with Shinhan Bank Korea, which has exceptional digitization capabilities, with the goal of progressively establishing 100% online procedures for all product lines.
Shinhan Bank also received three consecutive international awards in 2023, including Best Foreign Retail Bank Vietnam 2023 from Global Business Review Magazine, Best Foreign Digital Bank Vietnam 2023 from International Business Magazine, and Best Foreign Bank Vietnam 2023 from World Economic Magazine.
On April 27, 2023, Shinhan Bank maintained its long-term rating of "BB+" by international credit rating agency Standard & Poor's (S&P), with a "Stable" outlook. S&P said it highly regards Shinhan Bank's efforts to create sustainable business activities in the Vietnamese market as one of the largest foreign banks in terms of total assets by the end of 2022. Moreover, S&P believes Shinhan Bank will maintain its high strategic performance important to Shinhan Financial Group- Korea (SFG) at least in the next 18-24 months.
All of the awards and evaluations represent an appropriate amount of attention for Shinhan Bank's ongoing efforts in various aspects, in order to optimize the value delivered to customers and improve their financial experience in the context of strong digital transformation.