Deputy PM urges Shinhan Card to develop fintech in Vietnam

11:10 | 16/10/2018 Economy

Deputy Prime Minister Vuong Dinh Hue has urged the Shinhan Card Co., Ltd. of the Republic of Korea (RoK) to develop an ecosystem for financial technology (fintech) firms in Vietnam in training workforce and applying scientific-technological advances.

Deputy PM Vuong Dinh Hue (R) and President and CEO of the Shinhan Card Co., Ltd. Lim Young-jin - Source: VNA

During a reception in Hanoi on October 15 for President and CEO of the Shinhan Card Co., Ltd. Lim Young-jin, Deputy PM Hue welcomed RoK firms, including Shinhan Card, to increase investment in Vietnam.

He lauded their successes, saying that they have contributed to Vietnam’s social welfare and economic development.

The Deputy PM hailed Shinhan Card’s purchase of Prudential Vietnam Finance Co., Ltd. affirming that the State Bank of Vietnam will offer early feedback on the deal.

Lim, for his part, said Shinhan Card has been operating in finance-banking and securities in Vietnam, considering the country its largest foreign market.

He said Shinhan Card plans to do long-term business in Vietnam, adding that all of its profits in the country will be re-invested here, instead of being transferred to its parent company in the RoK.

According to him, Shinhan Card has developed payment card services and signed a contract to buy Prudential Vietnam Finance Co., Ltd. in early 2018, thereby developing consumption finance in the country.

He vowed to focus on financial technology to make more contributions to the Vietnamese economy in the future.