Shinhan acquires stake in ICT solutions provider for online corporate banking platform

Shinhan Bank headquarters in central Seoul (Shinhan Bank)

Shinhan Bank said Friday that it has acquired a minority stake in a local information and communication technology solutions and services provider to bolster its partnership for development of a new corporate banking platform.

Shinhan Bank acquired a 1.97 percent stake worth 72.3 billion won ($61.4 million) in Douzone Bizon for a strategic partnership, which would allow the lender to utilize the ICT solutions firm’s corporate accounting and e-commerce data.

Shinhan and Douzone Bizon have partnered since June for the online corporate banking platform, which would provide services similar to online banking for businesses.

According to Shinhan, the platform would allow businesses to handle financing and even accounting without visiting a brick-and-mortar branch, making “banking as a service” available for the firms.

“The rise of internet-only banks has provided retail banking with convenience, while the corporate banking market has been neglected in comparison,” a Shinhan official said.

“Through this new finance-business platform, we plan to lead the finance sector digitally and bolster our presence in corporate banking,” the official added.

By Jung Min-kyung (mkjung@heraldcorp.com)

By Jung Min-kyung(mkjung@heraldcorp.com)