Shinhan Bank expands financial services for ethnic Koreans from China

Shinhan Bank announced Tuesday it will expand tailored financial services for ethnic Koreans from China living in the country, in partnership with the Korean Chinese Federation. The bank aims to broaden its inclusive finance framework to cover everything from initial settlement to everyday banking for foreign customers.

Shinhan Bank signed an MOU with the Korean Chinese Federation on Monday at its headquarters in Jung-gu, Seoul, to improve financial access for ethnic Koreans from China residing in the country. The signing was attended by Lee Seung-mok, head of Shinhan Bank's customer solutions group, and Kim Mi-jeong, chairwoman of the Korean Chinese Federation.

The agreement combines Shinhan Bank's foreigner-focused financial infrastructure with the Korean Chinese Federation's nationwide network to make banking more accessible for ethnic Koreans from China living in the country.

Under the MOU, the two organizations will pursue three areas of cooperation: linking the foreigner-exclusive mobile banking app Shinhan SOL Global and web-based financial services, holding online and offline events and joint marketing campaigns targeting ethnic Koreans from China, and carrying out collaborative projects to improve the convenience of financial services.

The Korean Chinese Federation is a nationwide umbrella organization that works to advance the rights and interests of ethnic Koreans from China and promote community harmony. It has hosted the Korean Chinese Folk Culture Festival since 2014, sustaining civilian cultural exchange between Korea and China.

"We pursued this agreement so that ethnic Koreans from China living here can use financial services more easily and conveniently," a Shinhan Bank official said. "We will enhance financial convenience for foreign customers by connecting everyday services closely tied to their lives — including salary transfers and overseas remittances — beyond just account opening."

Meanwhile, Shinhan Bank operates foreigner-focused branches in Ansan, Gimhae and Doksan-dong. In the first half of this year, it expanded dedicated foreigner service windows at its Ansan foreigner-focused branch. The bank also runs Sunday branches for foreign customers at its Busan Finance Center, Daegu Seongseo branch, Yeonsu-dong branch, Gwangsan Finance Center, Suwon Station branch and Dongdaemun branch.