Shinhan Bank Vietnam Limited has signed an agreement with Fincorp JSC to bring investment solutions to customers at Shinhan Bank, as well as provide a convenient payment method for customers investing in fund certificates on the latter’s Fmarket Platform.
Fincorp is a Vietnamese fintech company with two primary services: Fmarket platform, which was licensed by the State Securities Commission in 2018, and F-Platform, which provides a product distribution and management system for fund management companies.
Under the agreement terms, the two companies agreed to develop a connecting system between Shinhan Bank and Fincorp. Shinhan Bank will connect customer payment accounts opened at the bank and fund certificate trading accounts at the Fmarket Platform via the Mobile Banking SOL Application.
Simultaneously, based on customer approval, the bank will perform cash accounting on customer payment accounts opened at Shinhan Bank in accordance with instructions received from Fincorp.
Fincorp will also connect the customer payment accounts at Shinhan bank with the client fund certificate accounts at the Fmarket Platform, and provide Shinhan Bank payment information on customer current accounts based on their requests to purchase fund certificates.
They will cooperate on communication and advertising activities to encourage customers to register and use the parties' products/services as well as build and integrate the system to provide products to customers in a smooth, confidential, and secure manner.
"Shinhan Bank Vietnam is actively transitioning to a digital bank model. Furthermore, in order to implement the digital banking model, interaction with Fintech companies in the development of banking products and services is required,” said Kang GewWon, CEO of Shinhan Bank Vietnam.
“As a result, this collaboration between Shinhan Bank and Fincorp aims to maximise both parties' potential and strengths in order to provide customers with convenient, fast, and secure digital experiences, as well as ownership that is dynamic and flexible in terms of investment and accumulation needs,” he added.
Do Van Chuan, CEO of Fincorp JSC, said, "we are very pleased to collaborate with Shinhan Bank in developing a flexible connection system, bringing convenience to customers when investing in fund certificates distributed by Fmarket Flatform on Shinhan Bank's Mobile Banking SOL application.” — VNS