DGB Financial and Hyundai Construction Equipment Sign Global Business MOU

[Asia Economy Reporter Minyoung Kim] DGB Financial Group signed a business agreement on the 4th to strengthen financial competitiveness in overseas markets such as ASEAN and Hyundai Construction Equipment through global business cooperation.

DGB Financial has been promoting global business centered on ASEAN, including Laos DLLC (leasing business) in 2016, Cambodia DGB SB (specialized bank) in 2018, Myanmar MFI (microfinance) last year, and the opening of the Ho Chi Minh branch in Vietnam this year.

Hyundai Construction Equipment is seeking to expand sales in emerging markets such as ASEAN, along with the Chinese market. The ASEAN market has traditionally been dominated by Japanese manufacturers, showing strong performance, but recently domestic companies as well as Chinese companies have been aggressively entering the market, intensifying competition.

Through this agreement, the two companies plan to pursue various businesses in the ASEAN market through partnerships and other methods. DGB Financial explained that it can further enhance profitability through lease financing for Hyundai Construction Equipment’s sales products, and Hyundai Construction Equipment is expected to increase its market share in the ASEAN market based on the financial products provided by DGB Financial.

The first financial product launch is scheduled in Cambodia next month.