Shinhan Card is ready to focus on “O2O,” or online to office service, as one of its growth engines.
The new credit card service is about ordering goods and service online through smartphones and then getting the orders processed at offline sales stores.
The credit card company said on Sept. 15 that it signed MOUs with a number of companies on cooperation on the 020 service at its head office in downtown Seoul. About 10 companies signed up to cooperate with the credit card firm on its new service, including Yanolja for lodging, Heybeauty for beauty, Rewhite for cleaning and others. The company will sign MOUs with three more companies soon, including Marketkiller for foodstuffs, Stripes for men’s clothing and Yokiyo for delivery service.
The cooperative firms will be able to provide their services through the FAN. Those who want to order goods or services with their smartphones should do so through the 020 facility through FAN. Customers can make payments for goods and services they ordered with just one click.
Shinhan Card decided to take up the 020 service after finding out that the market has a great potential for growth, especially in the areas of ordering food and lodging, according to the Kt Economic Research Institute.
The institute sees the market growing to 300 trillion won next year from just 15 trillion won last year.
Shinhan Card, Korea's No. 1 credit card issuer, has taken root in Vietnam just three years after moving into the fast-growing credit card market there. According to industry sources, Shinhan Card has issued a total of 90,000 credit cards and debit cards in three years through May this year. Although there were many more debit card customers than credit card customers in the beginning, the company has now issued more credit cards than debit cards this year. This year to date, it has given out 9,000 credit cards with only 3,000 debit cards during the same period.
Shinhan Card Co., Ltd., a credit finance company, offers various credit cards and installment finance services in South Korea. It offers credit loans that enable individuals, corporations, or public institutions to pay for goods or services within certain credit limit through credit cards; cash advance services; installment products for the payment of goods and services that customers cannot afford to pay in lump sum; credit card and disaster loans; and automobile finance leasing services.
The company also provides various cards, including VIP cards, check cards, gift/prepaid cards, retail reward cards, culture/entertainment cards, gas/automobile cards, airline/travel/golf cards, financial reward cards, and corporate cards. In addition, it offers Tops Club, a special reward service for the priority customers of SFG.
The company was incorporated in 1985 and is based in Seoul, South Korea. Shinhan Card Co., Ltd. operates as a subsidiary of Shinhan Financial Group Company Limited.
The growth of Shinhan Card is almost parallel to that of Shinhan Bank Vietnam, which has a total of ten offices including locations in Ho Chi Minh City, Song Than, and Hanoi. Of all the foreign banks, it is ranked third after HSBC (15 offices) and ANZ Bank (11) in terms of the number of branch offices.
Shinhan Card had earlier focused on issuing cards to Korean nationals in Vietnam and the corporate card business for Korean companies setting up shop in Vietnam. Beginning last year, the company started hiring salespeople to sign up credit card customers. By concentrating in areas with a high rate of merchants taking credit cards including Ho Chi Minh City and Hanoi, it succeeded in enlisting local card customers by the tens of thousands. Today, as many as 75 percent of the new card customers are Vietnamese nationals.
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