On March 24, Shinhan Bank laid out its vision to achieve win-win financial services in a meeting with Financial Supervisory Service Chief Lee Bok-hyun. The bank also shared its opinions with homemakers, small business owners and representatives of small and medium-sized enterprises.
A new comprehensive support package for expanding win-win finance consists of interest rate cuts for individual customers and financial support for small business owners and small and medium-sized enterprises.
For household loan customers of new, refinance, and postponement, Shinhan Bank will cut the interest rate on mortgage loans by 0.4 percentage points, the interest rate on rental loans by 0.3 percentage points, the interest rate on general credit loans by 0.4 percentage points, and the interest rate on New Hope Seed loans by 1.5 percentage points.
This is expected to save individual customers approximately 100 billion won in interest costs.
For small business owners and small and medium-sized business customers, Shinhan Bank will reduce interest costs by extending secondary guarantee periods for loans whose interest rates are bound to increase upon the end of the secondary guarantee periods.
A secondary guarantee refers to a system that compensates for a difference between the interest rates of commercial banks when the government needs to provide low-interest financing to a specific sector to achieve a certain purpose.
In addition, Shinhan Bank will pay insurance premiums for small business owners, small and medium-sized enterprises using the Credit Guarantee Fund Receivables Insurance developed with local governments to help them reduce their financial costs.
Shinhan Bank will implement support measures such as reducing interest rates for small and medium-sized enterprises by up to 1 percentage point of increases in interest rates when their credit ratings decrease, lowering interest rates by up to 3 percentage points for them when interest rates surpass 7 percent and maintaining the current interest rates when converting variable rate loans to fixed rates ahead of schedule.
These measures are expected to save small business owners and small and medium-sized enterprises 62.3 billion won in financial costs.
Shinhan Bank Cambodia Honored as Most Innovative Digital Bank in Cambodia
“Global Business Outlook selected Shinhan Cambodia Bank, a local subsidiary of Shinhan Bank in Cambodia, as Cambodia's Most Innovative Digital Bank at the GBO Awards 2022,” Shinhan Bank said on April 6.
UK-based Global Business Outlook is a magazine that deals with market trends by major industries around the world and selects companies that have achieved remarkable results by industry through strict screening and holds awards every year.
Shinhan Cambodia Bank's Most Innovative Digital Bank award is the first achievement by a Korean financial company operating in Cambodia and is of great significance in that the bank has been externally recognized for its digital innovation.
Shinhan Cambodia Bank launched the mobile app SOL 2.0 in February last year and established an e-KYC process that allows new accounts and non-face-to-face real-name verification. Through this, products and services can be easily used on mobile devices.
Agreement for Success of Suncheonman International Garden Expo 2023
Shinhan Bank announced on March 22 that it signed a strategic business agreement with the Suncheonman International Garden Expo 2023 Organizing Committee' to invigorate the local economy and practice environmental, social, and governance (ESG) management.
The MOU pledges digital cooperation, including the establishment of a metaverse world, marketing through online and offline channels, and combining financial services with the fair. The two organizations will promote marketing for the fair based on the metaverse world.
In early April, Shinhan Bank will implement a space and content to virtually experience the Suncheon Bay International Garden Expo on its metaverse service “Cinnamon” and provide admission tickets, discounts, and coupons through the Cinnamon Quest Event.
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