Shinhan Card Expanding Business in Vietnam

Shinhan Card Co. announced on July 2 that it held a launching ceremony for Shinhan Vietnam Finance Co. (SVFC) at the InterContinental Saigon hotel in Ho Chi Minh City, Vietnam.

Shinhan Card established SVFC after taking over Prudential Vietnam Finance Company (PVFC) in January 2018. It was Shinhan Financial Group's first successful overseas M&A deal in the non-banking sector.

SVFC currently offers a range of credit loan products to loyal customers in the country’s major cities, such as Ho Chi Minh and Hanoi.

Shinhan Card plans to take advantage of SVFC’s non-banking financial institution license to expand its business portfolio to retail finance including consumer goods purchasing and auto financing, with an aim to make SVFC the largest multi-financial services company in Vietnam.

In line with the digitization trend in finance, Shinhan Card intends to gradually introduce its advanced digital solutions to the new company, including mobile platforms, digital technology and customized marketing based on big data.

During the launching ceremony, Shinhan Financial Group chairman Cho Yong-byoung said in a speech, “We are aiming to set up diverse business models through cooperation among group units, and continue to offer our utmost support to make Shinhan Financial Group the best total financial group in Vietnam in the future.”