Shinhan Bank, the largest commercial bank in South Korea, and Vietnamese technology group FPT signed a Memorandum of Understanding (MoU) on digital banking in Seoul on Thursday, aiming to leverage each other’s assets and capabilities to contribute to digitally transforming the banking and finance industry.

According to the MoU, both sides will join forces to develop and deliver information technology (IT) solutions such as digital banking and fintech.

With proven intensive experience in financial sector, Shinhan Bank will equip FPT with a wide range of in-depth knowledge and data regarding advanced digital banking system and competitive financial services in South Korea.

FPT, as the leading technology corporation with 30 years’ experience, will provide Shinhan Bank with comprehensive digital transformation solutions and a large pool of competent IT experts to improve the banking system and develop the technology foundation for new services.

“FPT has proven their outstanding technology capability and experience through strategic cooperation with both domestic and foreign enterprises in various sectors including e-commerce, banking and finance and digital payment,” said Lee Tae Kyung, Shinhan Bank’s global business development director.

“This agreement is among the most critical steps in the journey of becoming a leading digital transformation corporation in the world. With the experience of providing digital transformation services to world’s top corporations, FPT is more than ready to utilize our technology capability and resources to accompany Shinhan Bank on the journey of becoming a global leading digital bank,” said FPT Chairman Truong Gia Binh.

Joining forces, FPT and Shinhan Bank expect to leverage the banking system in the fourth industrial revolution with digital transformation solutions, thus benefiting not only the two companies, but also their customers worldwide.

FPT established their South Korea office to explore, develop and expand the opportunities to approach large Korean firms in technology strategy sectors in 2016. With the growth rate of 300 per cent per year, South Korea is becoming FPT’s strategic market. — VNS