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Shinhan Bank’s Affiliate in Japan Sets Up an ICT Subsidiary
Looking to Develop New Business Models
Shinhan Bank’s Affiliate in Japan Sets Up an ICT Subsidiary
  • By Yoon Young-sil
  • April 3, 2020, 11:15
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SBJ Bank president Seichiro Tomiya (fourth from left), SBJ DNX president Hiraoka (seventh from left), SBJ Bank vice president Jeon Pil-hwan (third from left) and SBJ DNX vice president Kim Kye-hwan (first from left) and other officials cut the ribbon during the opening ceremony of SBJ DNX in Tokyo, Japan on April 1.

Shinhan Bank announced on April 2 that its Japanese subsidiary SBJ Bank has established SBJ DNX, a company specializing in digital and ICT.

SBJ DNX is the first subsidiary established by an overseas subsidiary of Shinhan Bank. SBJ Bank will secure a 100 percent stake in SBJ DNX. DNX stands for “Digital and Decoupling, New and Network, and eXperience and Transformation.” The company’s name means that it is “an innovative company capable of responding to a rapidly changing financial environment”.

SBJ DNX is planning to sharpen its ICT development competitiveness in the Japanese market where finance is being rapidly digitalized, and push forward with new digital and ICT businesses based on SBJ Bank's rich experience in stable operation of the banking system Aither for the past 10 years.

SBJ Bank is the only subsidiary bank of Shinhan Bank in Japan, and offers digital services in partnership with various operators such as LINE, Japan's largest SNS platform, through its Digital Company strategy. The bank has been expanding its digital services, including non-face-to-face deposit, loan, and foreign exchange services based on mobile applications.

“SBJ Bank has been trying to develop digital and ICT-related businesses in the Japanese financial market,” a Shinhan Bank official said. “With the establishment of SBJ DNX, we are planning to discover new business models based on Shinhan Bank and SBJ Bank's digital and ICT competitiveness in the Japanese financial market."