Shinhan Life Insurance Vietnam Limited Liability Company (Shinhan Life Vietnam) and Shinhan Bank Vietnam Limited (Shinhan Bank) officially signed a strategic cooperation agreement on implementing the bancassurance business model on May 24.

The agreement marks a new chapter full of expectations for two financial organisations with mutual plans to bring living improvement solutions to a million Vietnamese people.

Under the framework of the new agreement, Shinhan Bank Vietnam will consult and introduce life insurance products of Shinhan Life to the bank's customers nationwide. The first product developed through this distribution channel is Shinhan – Credit, a protection product for borrowers.

“In recent years, customers' demand for insurance products at the bank has expanded substantially. They want comprehensive advice on financial solutions, including insurance products," said Kang GewWon, General Director of Shinhan Bank Vietnam.

"Therefore, the strategic partnership between Shinhan Bank Vietnam and Shinhan Life Vietnam aims to jointly bring insurance products with optimal benefits to customers, simultaneously demonstrating a sustainable bond of Shinhan Bank Vietnam and Shinhan Life Vietnam with the country's market. We believe that with the strong potential of the two parties, this cooperation will open up new opportunities and complete the ecosystem of financial products and services of Shinhan Financial Group."

Lee Euichul, General Director of Shinhan Life Vietnam, said: “As a rookie in the Vietnamese market since 2022, Shinhan Life always has focused on designing a life insurance product portfolio that brings new values and surprises to Vietnamese customers.

"At the same time, diversifying distribution channels is also our top priority in the early days of operation. Through the cooperation with Shinhan Bank, which belongs to Shinhan Group, with nearly 30 years of experience and a nationwide network of bank branches, we hope to have more and more Shinhan Bank customers can access products from Shinhan Life in the most convenient and fastest way."

Through this partnership, the two partners demonstrate their commitment to developing and completing a comprehensive portfolio of financial products and services to provide customers with more suitable options in financial planning for themselves and their families. — VNS