Hana Bank has been hard at work signing tie-ups with IT firms, as it decided to pursue fintech to keep pace with its rival banks, based on a strategy to find new products and services in cooperation with IT and game companies.
The bank signed a strategic cooperative agreement with Daum Kakao, which stands out as an example of what the bank has been up to so far and will be for the time being.
The bank and Daum Kakao signed the agreement in February, which outlined areas of cooperation under the agreement, such as spurring fintech, search for creative fusion and compound services, the construction of a new business model and platform through their cooperation as companions in business. The bank places its focus on Bank Wallet Kakao that Daum Kakao has launched as a mobile wallet to attract mobile banking customers.
The bank created the character “Kakao Friend” as an image for the mobile wallet, along with the introduction of six bank accounts named after the character.
Bank Wallet Kakao Book, a new deposit account introduced by the bank, will pay deposit interest rates as high as 2 percent on deposits less than 1 million won per account if the holders of the mobile bank book recharge their mobile bank books.
The bank will exempt fees on cash advances and fund transfers from its ATMs as well as other banks.
President Kim Byung-ho said the bank would do its best to create synergy between Daum Kakao by taking advantage of the two partners’ experience and know-how to be a good example of fusion. He said they will try to develop diverse cooperative services and hold events for customers.
The commercial bank has also concluded a deal with a mobile game firm, the Sunday Toss, which developed the game Anni Fang. The bank, for the first time in the banking industry, introduced the Anni Fang Installment Savings account with the minimum amount of monthly installment savings at 500,000 won for a minimum of one year, earning the deposit interest rate of 2.2 percent per annum. Deposit holders who use Anni Fang games will get 0.3 percent of additional interest on their deposits, those are subscribers to Hana N Bank gets 0.2 percent in additional interest and the holders of Hana credit cards earns 0.1 percent in interest more. Those who subscrtibe to the financial products will be given the rights to use the game items in the Anni Fang series free of charge.
Managing Director Hur Joon-sung, in charge of the Future Financial Operation Headquarters, said we will try to come up very interesting financial products within the realm of fintech to give more pleasure to customers.
The bank will do its share of responsibility to develop the fintech industry by signing cooperative agreements with more IT firms to introduce an increasing number of financial products related to fintech, the managing director said.
Fintech, which is an abbreviation of financial technology, is increasingly becoming a keyword in the local banking industry as well as at securities and card companies. This is in line with the government’s efforts to nurture a new and promising financial sector.
The local banking industry is particularly attracted to internet-based banks, where all financial and banking services are provided online, without offline branches. The financial ministry also announced a plan to establish an internet-only bank this year by lifting related regulations on the sector.
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