A scene from an opening ceremony for Shinhan Vietnam Finance Company, a local affiliate of Shinhan Card, on July 2 in Ho Chi Minh City, Vietnam, attended by a number of key figures from both Korea and Vietnam led by Chairman Cho Yong-byeong of Shinhan Financial Group, President Lim Young-jin of Shinhan Card, Consul-Gen. Lim Jae-hoon of the Korean Counsel General’s Office in Ho Chi Minh City, and a score of local officials including those from the Vietnamese central bank and other host country’s financial authorities. Also present at the ceremony were Manager Park Hang-seo of the Vietnamese National Soccer Team and Korean business leaders in Ho Chi Minh City. (Photo: Shinhan Card)

Shinhan Card will introduce its in-house developed digital credit rating system in emerging markets such as Kazakhstan and Vietnam, the card firm said May. 15. These markets are swiftly adopting digital technology but have poor credit infrastructure, which is necessary for financial institutions to rate potential customers' credit history.

Shinhan Card plans to introduce the mobile credit rating system through its subsidiary, Shinhan Finance, in Kazakhstan first. The mobile system will enable financial companies to look at customers' data, including financial transactions, on their smartphones. Shinhan's team plans to further develop its digital credit rating model in cooperation with fintech startups.

It also has another credit model, which it plans to introduce overseas. This model was jointly developed with the Korea Credit Bureau (KCB) and Seoul National University's psychology department.

It estimates credit levels based on a survey that looks into customers' financial behavior and attitudes.

Shinhan signed an agreement with the KCB earlier this month to launch this “credit tendency” evaluation model abroad.

The bank will introduce the model through the Shinhan Vietnam Finance Company, the former Prudential Vietnam Finance Company. It also plans on working with Vietnam’s No. 1 social media platform Zalo on enhancing the model.

This is part of Shinhan Financial Group’s plan to lead innovative finance and achieve Shinhan Card's digital vision.

“Our overseas subsidiaries will be able to conduct more systematic operations, based on Shinhan Card's know-how on analyzing big data and its digital competitiveness.” a Shinhan Card official said. “We plan to continue to drive the qualitative growth of overseas subsidiaries.”

Shinhan is currently the number one player in the local card firm market.
 Korea’s leading credit card issuer Shinhan Card Co. won a Champion Security award at the Asia Pacific Visa Security Summit 2019 hosted by Visa Inc. in Shanghai, China.

Out of 2,800 financial partners, seven were awarded the trophy from Visa. Shinahan Card was the Korean partner to win the recognition for security reliability, the company said.

The Asia Pacific Visa Security Summit is Visa’s largest payment security event held every year to explore developments in the cybersecurity landscape and significant achievements to Visa’s “payment fraud disruption” capabilities.

At this year’s summit, Visa praised Shinhan Card’s technological edge reflected to the stable operation of fraud detection system, the company added.

Shinhan Card applied machine learning algorithm and artificial intelligence technology to its fraud detection system for the first time in Korea that makes it possible to automatically detect abnormal and suspicious data to prevent any financial fraud around the clock.

The issuer promised further efforts to strengthen its payment security for customers, merchants and partner companies after the winning.

Shinhan Card has been offering various services to become a lifestyle platform beyond a credit card issuer. As part of that, it launched the real estate asset management service for lenders and owners and the pet insurance service recently.