Shinhan Bank Vietnam launches 'Future Bank Group'

Shinhan Bank Vietnam Limited on Wednesday 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.

Future Bank Group was formed as an independent organization in the form of a Bank-In-Bank (B.I.B.) and is authorized by Shinhan Bank Vietnam for planning, budgeting, and evaluation. It aims to assist the bank in accelerating business, quickly adapting to changes in modern digital finance, and improving internal digital capabilities.

The Future Bank Group launch will serve as a foundation for Shinhan Bank Vietnam to expand its position as one of the leading digital banks locally by 2030, thanks to a significant increase in digital transformation in the retail banking sector, in addition to the existing large network of 43 branches and transaction offices nationwide.

Simultaneously, Shinhan Financial Group signed a business cooperation agreement with Tiki, a leading e-commerce company in Vietnam with a customer base of over 20 million.

Shinhan Financial Group recently reached an agreement to acquire a 10 percent stake in Tiki. With Shinhan Financial Group's financial experiences and Tiki's substantial local customer network, the two companies will collaborate to promote the development of a modern financial digital ecosystem and services in Vietnam.

Shinhan Bank Vietnam has been preparing to expand its collaboration with global e-commerce platforms in Vietnam, including the premier global food delivery app BAEMIN (Baedal Minjok) and Market Saigon Food Channel to efficiently use affiliate marketing and introduce local products, while providing customers with practical values and improving their transaction experience.

Jin Ok-dong, President and CEO of Shinhan Bank Korea said, "The establishment of Future Bank Group marks a new milestone for Shinhan Bank Vietnam toward the goal of developing digital banking in the context of the powerful wave of digital transformation in the financial-banking industry."

"Shinhan Bank Korea is committed to optimally assisting Shinhan Bank Vietnam in the digital transformation process, so that we can achieve future development and growth together," he added.

Kang GewWon, CEO of Shinhan Bank Vietnam, stated: "Shinhan Bank Korea's effective support and digital experiences serve as a solid platform for Shinhan Bank Vietnam to successfully implement the digital transformation process, moving the bank closer to its goal of being the number 1 digital bank in Vietnam by 2030."

Future Bank Group seeks to efficiently serve two key customer segments, namely Gen MZ, who include the young generation with modern consumer behavior, and Career-women, who have independent financial competence and will play important roles in future socio-economic growth, he added.