Shinhan Financial Group, one of South Korea’s biggest financial institutions, is in talks with Visa Inc on potential collaboration in digital assets, global payments and AI-driven services.
In a 3 Apr statement, Shinhan Financial Group’s Chairman Jin Ok-dong said the South Korean financial firm held a meeting in Seoul with senior executives from Visa, including Global Markets Group President Oliver Jenkyn. They explored cooperation in a number of areas including streamlining corporate and cross-border B2B payments and the intersection of traditional banking and digital assets.
Shinhan seeking to boost competitiveness
The two sides also discussed AI-driven financial services, with Shinhan leveraging Visa’s global technology and data analytics to accelerate its AI transformation.
“We expect that this deepened cooperation will serve as a major catalyst for our digital transformation and the strengthening of our competitiveness in the future of finance," Jin said in the statement.
Banks vs apps
South Korea’s traditional banks are battling a crowded domestic market as well as the rise of “super apps” from upstart techfins such as Naver, Kakao Pay and Toss that have proved popular for lifestyle convenience.
Shinhan Financial said it plans to tap Visa’s international network to secure new future growth sources and bolster the group's overall business competitiveness.
