Shinhan Bank is entering the Cambodian simple payment market. The bank announced on Dec. 4 that it will launch e-wallet service jointly with Cambodia's mobility company MVL.
Shinhan Bank has provided an electronic wallet solution to MVL, which will be used as the preferred payment method for TADA, MVL’s vehicle calling application. This is the first project of the two companies since they signed a cooperation agreement in June this year.
The bank said other companies’ payment systems are inconvenient as a client needs to run a separate app to pay the bill after arriving at the destination.
The two companies will carry out sophisticated marketing through a big data analysis of vehicles, transactions, driving and location information of drivers and passengers. They are also planning to launch auto loans and microcredit products.
Shinhan Bank also plans to connect the newly launched e-wallet to the retail banking services of Shinhan Bank Cambodia, its subsidiary in Cambodia, by expanding the usage of the electronic wallet.
Shinhan Bank entered Cambodia in 2007 ahead of other domestic banks. Together with Shinhan Bank Vietnam and Shinhan Bank Indonesia, Shinhan Bank Cambodia forms a major pillar of Shinhan Bank’s business in Southeast Asia.