Shinhan Card Partners with Mobile World to Expand Financial Services in Vietnam
Shinhan Card, one of South Korea's leading credit card companies, has signed a memorandum of understanding (MOU) with the mobile and electronics division of Mobile World, a retail distribution company in Vietnam.
A signing ceremony was held on Nov. 29 in Ho Chi Minh City, Vietnam, with the attendance of Moon Dong-kwon, president of Shinhan Card, and Doan Van Hieu Em, CEO of Mobile World's mobile and electronics division. This partnership marks a significant step in expanding Shinhan Card's financial services into the rapidly growing Vietnamese market.
Mobile World is Vietnam's largest retail distribution company, boasting an extensive network of over 5,500 distribution networks across the country. The MOU outlines a comprehensive cooperation system between the two companies, which includes the construction of an installment purchase system for electronic products, the launch of customized credit loans for customers, and exclusive loan products for employees.
"We are excited to sign this memorandum of understanding with Mobile World to expand our financial services in Vietnam," Moon said during the signing ceremony. His sentiments were echoed by Doan Van Hieu Em, who stated, "This partnership will allow us to offer more flexible payment options and financial products to our customers and employees."
The agreement between Shinhan Card and Mobile World is set against the backdrop of strong economic ties between South Korea and Vietnam. South Korea is one of Vietnam's largest foreign investors, with numerous South Korean companies establishing operations in the country to take advantage of its favorable investment climate and strategic location in Southeast Asia.
Shinhan Card's move to enter the Vietnamese market is part of a broader trend of financial services companies expanding their operations internationally. By tapping into emerging economies like Vietnam, these companies aim to diversify their revenue streams and capitalize on the growing consumer base. Vietnam's retail market, driven by a young population, increasing urbanization, and rising disposable incomes, presents a lucrative opportunity for such expansions.
First, please LoginComment After ~