Shinhan Bank has collaborated with Mastercard to launch Shinhan Be-SAFE debit card integrated with transaction insurance. — Photo courtesy of the bank

Shinhan Bank has collaborated with Mastercard to launch Shinhan Be-SAFE debit card.

It is the first international debit card line integrated with card transaction insurance, and the bank’s first collaboration with Mastercard.

Cardholders can earn up to 1 per cent in reward points on every transaction and exchange it for cash, and get discounts of up to 50 per cent at more than 200 merchants, online shopping insurance and ATM insurance.

With online shopping insurance, cardholders will be protected against products damaged by accident and theft when shopping on e-commerce sites.

They will receive insurance settlement of up to VND2.25 million in the event of theft within 30 minutes of withdrawing cash from ATMs.

Kang GewWon, CEO of Shinhan Bank Vietnam, said: “To promote cashless payment and increase payment convenience for customers, the bank is striving to expand co-operation with the world's leading card partners to optimise our card payment eco-system [and make it] simple, convenience, fast, and secure.

“Mastercard is an important partner of Shinhan Bank, and the launch of the first foreign card line is as part of our joint commitment to providing clients with a complete payment environment.

“Customers' fears about card risks are expected to be eased by Shinhan Be-SAFE, allowing them to live with peace of mind."

Winnie Wong, country head of Vietnam, Laos and Cambodia, Mastercard, said: "This collaboration between Mastercard and Shinhan bank is the foundation for creative solutions in card issuance and payment services. One of the key motivations for this type of payment is the growing demand for online payment among Vietnamese people.

“Hopefully, in the near future, we will work together to develop more new card lines with outstanding features to provide customers with a comprehensive payment environment." — VNS