Hana Bank signs a business agreement with SK Planet to cooperate in the My Data Service at Hana Bank Headquarters on June 10. Hana Bank President Park Sung-ho and SK Planet CEO Lee Han-sang pose for a commemorative photo shoot. (Photo: Hana Bank)

Hana Bank announced on June 10 that it has signed a business agreement with SK Planet to cooperate in the MyData service business.

Hana Bank will launch customized services through exchanges of data and technology. The two sides will cooperate in various sectors such as operating a product center dedicated to Hana Bank within its mobile wallet “Syrup Wallet” run by SK Planet. They will jointly promote digital marketing as well.

Hana Bank is planning to launch Hana OK Cashback Bankbook in partnership with SK Planet’s OK Cashback Point.

The bank is currently preparing benefits, such as the automatic charging of points and accumulating special points for the use of franchise member shops.

“We will provide differentiated customized services to become a digital bank in our customers’ everyday lives,” said Park Sung-ho, president of Hana Bank. “We will maximize our capabilities and create synergies out of collaboration.”

“We will offer our own specialized services to financial customers by combining big data and deep learning-based AI technologies accumulated in various industries such as IT, finance, distribution and healthcare,” said Lee Han-sang, CEO of SK Planet.

Joint Guarantee of Overseas Construction Projects

Hana Bank announced on June 8 that it has signed a business agreement on the joint guarantee of overseas construction projects with the Plant & Mechanical Contractors Financial Cooperative of Korea at the latter’s office in Seoul.

On hand were Park Seung-oh, vice president of the Credit Division at Hana Bank and Lee Yong-kyu, chairman of the Plant & Mechanical Contractors Financial Cooperative of Korea.

The Plant & Mechanical Contractors Financial Cooperative of Korea, one of the three major construction-related cooperatives in Korea, is a special purpose association established in 1996 under the Framework Act on the Construction Industry.

It provides financial services such as guarantees, loans, and deductions for the construction industry, and has also started direct guarantee services related to overseas projects since March this year.

Through this agreement, Hana Bank and the Plant & Mechanical Contractors Financial Cooperative of Korea will actively support guarantees related to overseas construction projects needed for members wishing to enter overseas markets.

Previously, an indirect method was used. That is to say, Korean banks reissue guarantees for overseas construction sites with guarantees by Plant & Mechanical Contractors Financial Cooperative of Korea as security.

From now on, the Plant & Mechanical Contractors Financial Cooperative of Korea will issue guarantees to Hana Bank’s overseas branches and corporations. This new system will facilitate guarantee services.

Trust Service through Hana Bank Smartphone Application

Customers will be able to use trust services on Hana Bank Smartphone Application. Hana Bank announced on June 9 that it will expand trust services based on the smartphone application.

Customers who are registered members of Hana Bank’s smartphone banking application dubbed “Hana OneQ” can check Korean and foreign equity linked trusts (ELTs) and major exchange-traded funds (ETFs) in Korea and conveniently register their membership by using the application.

They will be able to easily apply for consulting on will substitute trust which has recently enjoyed growing interest, so they will be able to manage their assets and design inheritance after their retirements through experts on the application.

Customers will be able to purchase non-face-to-face ELT products not only with U.S. dollars but with Korean won based on representative indices of domestic and foreign stock markets.

Non-face-to-face ETFs invest in 46 stocks. Customer can make investment in accumulation-type non-face-to-face ETFs with at least 50,000 won. If customers buy target designated type non-face-to-face ETFs and they reach a certain return, the designated type of non-face-to-face ETFs will be automatically repurchased.