Hana Bank signs a business agreement with Lotte Shopping to jointly promote its digital business at Hana Bank Headquarters in Seoul. Lee Ho-sung (left), vice president of the Central Sales Group at Hana Bank poses for a photo shoot with Na Young-ho, head of e-Commerce Division at Lotte Shopping taking photos. (Photo: Hana Bank)

Hana Bank will rev up its life financial platform by teaming up with Lotte Shopping. It plans to introduce financial live commerce, which sells financial products via live broadcasting.

Hana Bank announced on Aug. 19 that it signed a business agreement with Lotte Shopping to jointly promote the digital businesses.

The two companies plan to cooperate in various business areas such as financial live commerce, joint marketing based on big data, jointly developed products and online payment services.

In particular, Hana Bank said the agreement is quite meaningful in that Hana Bank will collaborate with a large distribution company with a wide range of customers and sales channels to revitalize its life financial platform.

“We are planning big data-based living financial services through the combination of finance and distribution,” said Lee Ho-sung, vice president of Hana Bank’s Central Sales Group.

“Hana Bank will work with Lotte Shopping to increase a wide array of convenience and provide financial benefits for customers.”

Apart from Hana Bank, banks are actively partnering with distributors of life financial platforms. This year, Shinhan Bank is planning to build a future innovation store with GS Retail.

Hana Bank is developing a mobile branch exclusively for CU Convenience Store through an agreement with BGF Retail, which runs convenience stores.

Woori Bank also signed a business agreement on win-win financing and new business partnerships with Seven Eleven late last year and started developing loans and customized supply chain financial products for convenience store owners.

On July 23, Hana Bank announced that it launched the Trade Watch System to proactively respond to trade-based money laundering (TBML) that changes rapidly and increases day by day.

TBML refers to abnormal or suspicious transactions such as sanction risk transactions based on trade transactions, fraud transactions disguised as trade transactions and trade defraudation transactions.

The Trade Watch System is the first developed trade risk management automation system in the Korean banking industry.

The intelligent system features inspection items and methods of the bank’s own development to cope with various risks.

The inspection items include transport ships and routes, the use of trade goods and trade partners and related parties.

Through this, Hana Bank established a customized risk early warning system based on the latest domestic and foreign trade transaction data.

At the same time, it set up an institutional system to actively respond to growing risks of international sanctions and protect consumers from fraudulent transactions.

Meanwhile, Hana Bank announced on Aug. 13 that it will sign a business agreement with Yonsei University to activate inheritance donation through trust and cooperate in various tasks to spread an inheritance donation culture.

The donation means donating all or part of inheritances to third parties including public or non-profit organizations and groups.

Korea’s an aging society, a spike in no-kid couples and a growing well-dying culture have been fueling people’s interest in inheritance donations these days.

Through this business agreement, Hana Bank and Yonsei University will provide professional and individual financial solutions in line with growing demand to donate their assets for the public good.

Experts of Hana Bank’s 100-Year Living Trust Center, a trust-based asset management and inheritance design specialization center, design and recommend donation and trust products such as customized trusts for those who want to donate their assets.

Hana Bank’s 100-Year Living Trust Center has a total of 25 professionals including 14 legal, tax, and real estate experts and seven professional financial consultants.

A systematic and individual trust design is possible in accordance with the time and methods donors wants.

Yonsei University will encourage potential donors such as alumni and Christian philanthropists through the “Great Inheritances, Great Challenge” Project, a special inheritance donation program.

“We hope that this business agreement will further spread a culture of inheritance donation for the public good,” said Park Sung-ho, president of Hana Bank.

 “Hana Bank will step up its efforts to provide customized financial solutions to customers in various situations and put ESG management into practice through continuous social value creation.”