Shinhan Bank announced on June 23 that it has signed a memorandum of understanding (MOU) on strategic cooperation in the digital sector with Octopus Cards Ltd., the largest contactless prepaid card operator in Hong Kong.
Octopus operates Octopus Cards, a smart card for making micropayments in public transportation and member stores across Hong Kong. Currently, Octopus Cards has issued more than 36 million cards in Hong Kong and over 99 percent of people in Hong Kong use Octopus cards to travel, shop and dine without the hassle of cash.
Shinhan Bank has decided to integrate its digital platform “SOL” and Octopus’ strengths to launch a new concept digital payment service that can be used both in Seoul and Hong Kong.
An official from Shinhan Bank said, “We have signed the latest MOU with Hong Kong’s Octopus to develop a digital payment service across the border. We will transform SOL into a new level of everyday life finance platform in partnership with the global operator.”