Shinhan Bank actively participated in and supported the 56th Annual Meeting of the Asian Development Bank (ADB) in Songdo, Incheon, South Korea, as an official sponsor.
The ADB Annual Meeting is ADB’s largest yearly event, where member country governors decide on the organization’s administrative, financial, and operational directions.
The 56th ADB Annual Meeting was held as a face-to-face event in Songdo, Incheon, three years after the outbreak of the COVID-19 pandemic, with nearly 5,000 officials from about 60 countries participating.
On April 14, Shinhan Bank signed an agreement with the Korean Ministry of Strategy and Finance to sponsor the ADB Annual Meeting in Korea and participated in the event in various ways, including running an exhibition booth, creating a networking hub common space, and hosting a luncheon for participants.
Shinhan Bank Exhibition Booth carried the theme — “Digital Transformation in the Financial Industry.” Various digital service experiences and attractions were demonstrated for and tried by participants from countries around the world.
At the booth, the bank showcased “Shinamon,” a metaverse platform built by Shinhan Bank for the first time in the Korean financial industry, “Ddaengyeoyo,” a food ordering platform, and “Face Pay” of Shinhan Card.
Shinhan Bank officials also communicated with those from organizations in various countries about various topics, including environment, social and government (ESG), global business, and investment banking (IB).
The lender also actively participated in the opening ceremony, meetings with executives of overseas financial companies, MOUs on new businesses, and official luncheons to promote the development of the Korean financial industry and sharpen its global competitiveness.
As the primary depository bank of Incheon Metropolitan City, the host city of the ADB Annual Meeting, Shinhan Bank provided about 30 shuttle buses to transport participants from the airport to the venue and their hotels.
It also opened, “Bangbird,” a mobile bank branch, for convenient currency exchange services.
“As a sponsoring bank of the ADB Annual Meeting, Shinhan Bank actively participated in and supported the ADB Annual Meeting which was held in Korea for the first time in three years after the outbreak of COVID-19 to help the ADB successfully hold the meeting,” a Shinhan Bank official said.
The 56th Annual Meeting of the ADB Board of Governors ran in Incheon, Korea, from May 2 to 5 2023 under the theme “Rebounding Asia: Recover, Reconnect, and Reform.”
Meanwhile, Shinhan Bank said on May 8 that it has signed a strategic business agreement with Mongolia’s largest bank, Khan Bank, in order to help the Mongolian lender rev up digital finance.
Khan Bank was founded in 1991 and now operates 540 branches throughout Mongolia.
It is the largest commercial bank in the country. About 80 percent of people in Mongolia are customers of Khan Bank.
Khan Bank’s executives and members of its board visited Shinhan Bank in Korea twice last year.
They examined digital financial systems at Shinhan Bank branches including the futuristic branch model “Digilog Branch.” In April, Khan Bank opened Digi-Go a self-service-based digital specialized store in Mongolia.
Khan Bank requested Shinhan Bank to share knowhow in digital finance, such as digital financial strategies, innovation-powered services and information and computer technology (ICT) systems with Khan Bank in a ceremony held in honor of signing the agreement.
Shinhan Bank will actively cooperate with Khan Bank in various fields by sharing customer-centered digital innovation services and strategies, supporting the design of customer experiences between online and offline channels, giving advice on building innovative digital infrastructure for financial systems through the agreement.
Recently, Khan Bank declared its goal of growing into a bank powered by digital innovation.
Therefore, it will promote innovation and develop new services based on digital technology. The Mongolian bank selected Shinhan Bank as its role model.
“The business agreement which Shinhan Bank signed with Khan Bank is significant in that even an overseas bank recognized Shinhan Bank’s differentiated digital financial services,” a Shinhan Bank official said.
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