A New Milestone in Banking Industry

Wi Sung-ho (left), president of Shinhan Bank, and Vuong Quang Khai, CEO of Vietnam’s leading chat app, Zalo, pose for a photo after signing an MOU in Seoul on June 21.
Wi Sung-ho (left), president of Shinhan Bank, and Vuong Quang Khai, CEO of Vietnam’s leading chat app, Zalo, pose for a photo after signing an MOU in Seoul on June 21.

Shinhan Bank announced on June 21 tht the number of its social networking service (SNS) followers has surpassed 1 million, a milestone that no other domestic banks have achieved yet.

The figure included 856,000 from Facebook, 24,000 from Instagram and 122,000 from KakaoStory as of June 20.

The bank attributed the achievement to the digitalization strategy of its CEO, Wi Sung-ho.

Shinhan opened its first SNS account in Facebook in August 2011, but it was revitalized after Wi's appointment as new president last year.

Wi created the SNS Lab right after taking office and told bank officers to post popular content. An official from the lab said, “We have been seeking to post novel content that can attract attention from customers.”

Shinhan Bank is also putting efforts into overseas SNS accounts in order to establish a bridgehead in foreign countries. The bank opened an official Facebook account in Vietnam in April and attracted 200,000 followers in just three months by posting locally-customized content, including content related to Park Hang-seo, the head coach of the Vietnam national soccer team, and Luong Xuan Truong, a soccer player of the national team. It will also open an SNS account in Cambodia in September.

Wi signed a memorandum of understanding (MOU) with Vietnam’s largest chat app, Zalo, on June 21, as part of its push for digitalization in the global market.

Zalo is a chat app used by 80 percent of Vietnamese smartphone users.  Wi pushed ahead with the MOU with Zalo as the first step to become a leading digital bank in the global market.

It is a win-win agreement as Zalo will also be able to expand its business from mobile messaging services to Fintech. 

As the bank develops various products, such as credit card and credit loan, in Vietnam, it expects to create a synergy between finance and SNS.

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