Shinhan Bank and the State Bank of Vietnam are planning to work together on an e-Know Your Customer (e-KYC) system, which is expected to boost mobile financial services in the country. In addition, Shinhan Bank’s online account opening system in Indonesia is expected to be approved by the local authorities this month after more than one year of preparation.
Shinhan Bank had a meeting with the central bank of Vietnam in Hanoi in June this year to discuss the introduction of the e-KYC system for non-face-to-face identification. The latter showed much interest in the former’s project in Indonesia and proposed cooperation to the same end.
At present, Shinhan Bank is the largest non-Vietnamese bank in Vietnam. Once its online identification service takes root there, mobile financial services of the other South Korean banks in Vietnam as well as Shinhan Bank can be boosted.
Vietnam’s financial markets are growing at a rapid pace these days, and yet mobile financial services in the country are still rather limited. This is because the central bank of Vietnam is yet to allow the introduction of e-KYC services by Vietnamese banks.
In Indonesia, OJK, the Financial Services Authority of the country, is expected to give its final approval for Shinhan Bank’s e-KYC system within this month. Then, Shinhan Bank can provide non-face-to-face identification there.