Shinhan Bank 1st Commercial Bank to Launch Loan Brokerage Platform

Shinhan Bank President-nominee Jung Sang-hyuk.

Shinhan Bank is launching a loan brokerage platform that will be linked with refinancing loan infrastructure.

Among the five major banks — KB Kookmin Bank, Shinhan Bank, Hana Bank, Woori Bank and NongHyup Bank in Korea - Shinhan Bank will be the first to officially participate in loan-exchange infrastructure as a platform player.

Shinhan Bank has started building a loan brokerage platform including refinancing loan products with the goal of launching in June.

The method involves loading the platform into Shinhan Bank’s mobile banking.

The bank will launch a current deposit and installment savings brokerage platform at the same time.

In November of last year, the financial authorities announced a plan to build an exchange loan infrastructure, allowing not only fintech companies but also existing financial institutions such as banks to create their own platforms and provide brokerage services.

The loan-exchange infrastructure refers to a service that allows users to compare loan products in the financial industry through a mobile app.

It is a combination of the Korea Financial Telecommunications and Clearings Institute's loan transfer system, which enables non-face-to-face repayment of existing loans and the execution of new loans and a loan brokerage platform, which empowers users to compare loan products from financial companies. Shinhan Bank is scheduled to launch it in May of 2023.

Shinhan Bank was the first among the five major banks to announce its intention to launch a loan brokerage platform and formalize its participation in the refinancing loan infrastructure.

Once the service system is completed, financial consumers can compare and exchange loan products not only from Shinhan Bank but from other banks, savings banks, and credit card companies, on Shinhan Bank App.

When Shinhan Bank formalized its participation as a platform operator, other commercial banks also began considering the same.

Among internet-only banks, Kakao Bank is known to have delivered its intention to participate in the project to financial authorities.

Shinhan Bank announced on Feb. 15 that it will implement the ‘Face Authentication Service’, a biometric authentication service using biometric information, to enhance SOL’s convenience and security. (Photos: Shinhan Bank)

Launch of SOL Face Authentication Service

Shinhan Bank announced on Feb. 15 that it will implement a face authentication service using biometric information to enhance SOL’s quality and security beginning from Feb. 16.

In the face authentication service, after photographing and registering a face with a smartphone camera, SOL users are able to use various financial services such as logging in SOL Application and opening an account with face authentication information.

Customer face authentication information is jointly stored and managed by Shinhan Bank and Korea Financial Telecommunications and Clearings Institute for stronger security.

Shinhan Bank plans to expand the face authentication service to financial services such as electronic signature and non-face-to-face identity verification in the future.

It will also apply it to branch offices. It will provide differentiated digital experiences to customers by introducing innovative finance powered by new technologies such as voice banking.

Shinhan Bank announces on Feb. 17 that it has partnered with Shoeprize to open the SOL Sneakers platform that provides limited-edition shoe sales information in real time to SOL users.

Real-Time Provision of Limited Edition Shoes Sales Information at Shinhan SOL

Shinhan Bank announced on Feb. 17 that it has opened a platform called SOL Sneakers, which provides limited edition shoe sales information in real time to Shinhan SOL users in partnership with Shoeprize.

Shoeprize is run by Flatten as a platform that provides real-time limited-edition shoes sales and application information around the world.

SOL sneakers are available in the Benefits area of Shinhan SOL.

After checking the shoe release information, users can go to the Shoeprize page and apply for shoes purchases.

Until January 2024, Shinhan Bank will also hold the SOL Draw Event which provides limited edition popular sneakers through monthly lottery events.

“We planned an affiliate platform so that customers who use SOL can conveniently use limited-edition shoes sales information,” a Shinhan Bank official.

“We will create a variety of services to share emotions and experiences with customers and become a financial platform that permeates their daily lives.”