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| Shinhan Bank CEO Wi Sung-ho, left, poses with Lee Jong-min, vice president of Samsung Electronics' service operation group, after forging strategic ties to foray into Vietnam's digital payment market at the tech giant's Ho Chi Minh City office on July 27. |
By Park Hyong-ki
Shinhan Bank said Monday it has forged strategic ties with Samsung Electronics to build an online payment ecosystem in Vietnam.
This marks the first time for the two to join hands to foray into digital financial services in the region, the bank said.
Its Vietnamese bank and Samsung will provide Samsung Pay prepaid card service, enabling users of the bank's online networks and Samsung Galaxy Note 9 smartphones to settle payments without having to visit the bank, as well as transfer and deposit money.
Customers can also get the prepaid card via the Galaxy Note 9.
Samsung said it plans to add features by the end of this year to Samsung Pay that will enable users to pay their monthly bills.
Samsung launched Samsung Pay in Vietnam in September in line with Vietnam's vision to establish a "coinless society." About 400,000 people use Samsung Pay there, according to the tech giant.
Shinhan Bank has been expanding its digital presence in the region, establishing strategic ties with startups including Zalo, Vietnam's most used mobile messenger, and Muabannhadat, a real estate platform.
