What was Shinhan Bank up to in 2020?

Shinhan Bank, Shinhan Bank, Banking,
Shinhan Bank Viet Nam has been named one of the Top 100 Sustainable Companies in Viet Nam in 2020. — Photo courtesy of Shinhan Bank Viet Nam

In the year 2020, the world has seen tremendous changes due to negative impacts caused by Covid-19 pandemic. However, with strong financial power, diversified products/services portfolio and a flexible customer support policy, Shinhan Bank has kept moving on and made positive steps forward.

Taking an effective business strategy

“Shinhan Bank - Manage your life, your way” is the key message sent by Shinhan Bank for the year 2020, which is spread with expectation to motivate the young in following their passion and lead their dream life.

Along with the brand awareness campaign “Shinhan Bank – Manage your life, your way” are practical business strategies, which are to offer customers with optimal financial solutions. Specifically, Shinhan Bank has launched certain credit card lines with attractive point accumulation and cashback features and various offers from allied merchants in many fields. In December 2020, Shinhan Bank has launched a new credit card product called Visa Signature with many premium privileges in dining, golf service, hotels and lounge service at airports worldwide as well as and discount of overseas card payment.

Moreover, Shinhan Bank is also active in applying different and practical financial policies to support both individual and corporate customers to overcome financial hardship caused by Covid-19 pandemic.

From the beginning of 2020 till now, Shinhan Bank has several times of interest rate reduction to overall interest schedule, not to mention other interest discount on specific loan packages assigned to some special individual customer groups. At the moment, Shinhan Bank is one of the top banks offering the most competitive lending rates on the market.

Furthermore, in 2020, Shinhan Bank has focused on expanding network in order to access more and better serve customers. In Q3.2020, the bank continuously opened two new branches in Phu My, Ba Ria – Vung Tau Province and Can Tho City. Later on, in December 2020, network expansion continued with new openings of three transaction offices, including Starlake transaction office in Bac Tu Liem District, Ha Noi; District 9 Transaction Office and Thu Thiem Transaction Office in HCMC.

Accelerating banking digitalization

One of the business goals prioritized by Shinhan Bank in 2020 is boosting banking digitalization to bring convenience and optimal security in making financial transaction to customers.

In December 2020, to help customers save time and simplify traditional account opening procedures, Shinhan Bank tested and introduced eKYC – electronic Know Your Customer, service on SOL Mobile Banking platform. By practically applying eKYC service at Shinhan Bank Korea and Shinhan Bank Indonesia, Shinhan Bank Vietnam has had experience in deploying and operating efficiently eKYC service in next March, 2021.

In addition, Shinhan Bank has recently introduced convenient digital banking products and service that integrated with advanced technology, typically, Smart Withdrawal, S-Payroll demand account.

Accomplishing important goals

At the beginning of 2020, Shinhan Bank Viet Nam was evaluated as BB (stable) in term of a long-term credit by an international credit rating agency, Standard & Poor’s (S&P). According to S&P’s assessment, Shinhan Bank Viet Nam plays an integral role in Shinhan Financial Group’s (SFG) global business expansion.

In November 2020, Shinhan Bank Vietnam officially announced the application of Pillar 2 of Basel II on process for assessing overall capital adequacy, as stipulated in the Circular No. 13/2018/TT-NHNN of the State Bank of Vietnam (SBV). Thus, Shinhan Bank officially completed all three pillars of Basel II ahead of schedule as required by the SBV. The early completion and implementation of Basel II affirms Shinhan Bank's capabilities and special focus on risk management.

2021 is the first year of the economic growth cycle with many opportunities and challenges. By defining specific goals, Shinhan Bank is ready to implement development strategies and orientations in the new year, in order to accompany customers in all financial plans as well as continue to affirm sustainable development of Shinhan Bank in Vietnam.

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