Shinhan Bank Vietnam launches digital consumer loan on mobile app

By Trang Nguyen
Mon, August 15, 2022 | 8:52 am GTM+7

Shinhan Bank Vietnam has officially launched its first fully digitalized consumer loan on the Mobile Banking SOL application, with a loan of up to VND24 million ($1,026) and an attractive fixed interest rate of 26% per year based on the lowering principal balance.

A Shinhan Bank transaction office. Photo courtesy of the bank.

A Shinhan Bank transaction office. Photo courtesy of the bank.

The Digital Consumer Loan represents a new step for Shinhan Bank Vietnam in its journey of digitizing financial products and services.

It aims to optimally meet the needs of all customers in this era of digital technology, particularly the young customer segment - those with modern consumer behavior and high expectations for convenience, safety, and security in financial transactions, the bank said in a release.

"Digital Consumer Loan is the foundation for digitalization acceleration which can help Shinhan Bank Vietnam to reach the next financial service level and to become market leader in term of digital financial market in Vietnam," Trinh Bang Vu, head of retail lending at Shinhan Bank Vietnam, said.

The Digital Consumer Loan is the Korean lender's first loan product with a fully digitalized process from loan application stage to loan execution.

Customers can apply for a loan with their mobile phone by taking a photo of their valid ID card and get the results in five minutes. All operations and approval processes will take place via the Mobile Banking SOL application, saving time and effectively addressing customer loan needs, compared to the traditional lending method.

"Customers can be entirely confident in the security and safety of Mobile Banking SOL since it is developed and managed by Shinhan Bank Vietnam, which has made substantial investments in multi-layer security technology," the bank added.

In mid May, Shinhan Bank Vietnam announced the establishment of "Future Bank Group", which will drive its digital growth strategy and retail business in the country, and a business partnership agreement between Shinhan Financial Group and e-commerce company Tiki.

In August 2022, the bank launched consumer loan products on Tiki, a leading e-commerce platform in Vietnam. It has plans to provide various financial products to Tiki customers in order to offer greater customer value.

Comments (0)
  • Read More
Steel giant Hoa Phat starts operating $42 mln home appliance factory

Steel giant Hoa Phat starts operating $42 mln home appliance factory

Hoa Phat Group has begun production at its new home appliance factory worth VND1,000 billion ($42 million) in Ha Nam province.

Industries - Thu, September 29, 2022 | 4:28 pm GTM+7

Four major markets spend $27 billion importing phones, components from Vietnam

Four major markets spend $27 billion importing phones, components from Vietnam

The U.S., EU, China and South Korea imported nearly $27 billion worth of phones and components from Vietnam in the first eight months of the year, according to the Ministry of Industry and Trade.

Economy - Thu, September 29, 2022 | 4:06 pm GTM+7

Hai Phong aims to attract $15 billion in FDI for 2020-2025

Hai Phong aims to attract $15 billion in FDI for 2020-2025

The northern port city of Hai Phong seeks to build 15 more industrial parks totaling 6,200 hectares to attract $15 billion in foreign direct investment in 2020-2025.

Industries - Thu, September 29, 2022 | 3:13 pm GTM+7

Viettel picks Taiwan’s UfiSpace for massive 5G roll out

Viettel picks Taiwan’s UfiSpace for massive 5G roll out

Vietnamese tech giant Viettel has selected Taiwanese 5G solutions supplier UfiSpace to jointly deploy disaggregated cell site gateways for Viettel’s massive 5G rollout in Vietnam.

Industries - Thu, September 29, 2022 | 2:27 pm GTM+7

Ministry proposes inclusion of five coal-fired projects in new power plan

Ministry proposes inclusion of five coal-fired projects in new power plan

The Ministry of Industry and Trade has proposed that the government includes five coal-fired thermal power projects in the national power development plan VIII.

Energy - Thu, September 29, 2022 | 1:16 pm GTM+7

Vietnam’s nine-month GDP growth highest in 12 years

Vietnam’s nine-month GDP growth highest in 12 years

Vietnam’s economic growth of 8.83% year-on-year in the first nine months is the highest recorded in 12 years.

Economy - Thu, September 29, 2022 | 12:19 pm GTM+7

Vietnam a top five investment destination for Warburg Pincus: CEO

Vietnam a top five investment destination for Warburg Pincus: CEO

Vietnam is an increasingly attractive and important investment destination for U.S. firms, and one of the five most significant locations for Warburg Pincus, its CEO Charles Kaye said Wednesday.

Industries - Thu, September 29, 2022 | 11:05 am GTM+7

Tokyo Gas, Kyuden Group ink LNG power project pact

Tokyo Gas, Kyuden Group ink LNG power project pact

Japan's Tokyo Gas and Kyuden Group have inked a memorandum of understanding with Truong Thanh Vietnam JSC on jointly developing an LNG-to-power project with a phase-one capacity of 1,500 megawatts in northern Vietnam.

Energy - Thu, September 29, 2022 | 6:30 am GTM+7

VN-Index plunges to 19-month low amid broad selloffs

VN-Index plunges to 19-month low amid broad selloffs

Vietnam’s benchmark VN-Index dropped 22.92 points Wednesday, or 1.96%, to 19-month low of 1,143.62 points, due to broad selloffs of major stocks.

Finance - Wed, September 28, 2022 | 6:05 pm GTM+7

Deputy foreign minister fired in pandemic repatriation scam

Deputy foreign minister fired in pandemic repatriation scam

Deputy Foreign Minister To Anh Dung and Nguyen Quang Linh, assistant to Standing Deputy Prime Minister Pham Binh Minh, were fired Wednesday for violations related to repatriation of Vietnamese citizens during the pandemic crisis.

Politics - Wed, September 28, 2022 | 5:21 pm GTM+7

“Big 4” banks increase deposit rate

“Big 4” banks increase deposit rate

Biggest Vietnamese lenders Vietcombank, VietinBank, and Agribank have hiked their deposit interest rates by over one percentage point, after the central bank raised the deposit rate ceiling last week.

Banking - Wed, September 28, 2022 | 4:54 pm GTM+7

IFC to help HCMC in waste-to-energy prefeasibility study

IFC to help HCMC in waste-to-energy prefeasibility study

The World Bank’s investment arm IFC will assist Ho Chi Minh City authorities to assess the prefeasibility of developing an advanced waste-to-energy facility in the southern economic hub, the body said Wednesday.

Energy - Wed, September 28, 2022 | 4:25 pm GTM+7

Fed rate hikes challenge Vietnam’s FDI attraction drive

Fed rate hikes challenge Vietnam’s FDI attraction drive

International institutions have lowered their global 2023 growth forecasts following the Fed’s interest rate hikes. Experts fear that investment flows worldwide would leave emerging markets for developed countries. The Investor talks with Professor Nguyen Mai, chairman of the Vietnam Association of Foreign-Invested Enterprises (VAFIE), about possible impacts on Vietnam.

Executive Talk - Wed, September 28, 2022 | 3:05 pm GTM+7

Transport ministry seeks 10-lane southern Vietnam expressway

Transport ministry seeks 10-lane southern Vietnam expressway

The Ministry of Transport has asked state-owned Vietnam Expressway Development Investment Corporation (VEC) to consider widening Ho Chi Minh City-Long Thanh-Dau Giay Expressway to 10 lanes, instead of the eight proposed by the investor.

Infrastructure - Wed, September 28, 2022 | 2:05 pm GTM+7

Hai Phong begins construction of $38.5 mln industrial center

Hai Phong begins construction of $38.5 mln industrial center

Construction commenced Tuesday on the $38.5 million GNP Nam Dinh Vu Industrial Center at the Nam Dinh Vu Industrial Park in the northern port city of Hai Phong.

Industrial real estate - Wed, September 28, 2022 | 11:23 am GTM+7

Finland firm to supply containerboard technology for Cheng Loong in Vietnam

Finland firm to supply containerboard technology for Cheng Loong in Vietnam

Finnish company Valmet will provide Cheng Loong Binh Duong Paper Co. with key process technology for its new containerboard machine 23 at the company’s Ben Cat mill in Binh Duong province, southern Vietnam.

Companies - Wed, September 28, 2022 | 10:36 am GTM+7