LG Uplus Signs MOU with Hana Financial Group for Digital Business Collaboration

Joint Development and Marketing of Differentiated Products through 'Ushop' Service and Hana Financial Group Product Integration

LG Uplus has signed a strategic business agreement with Hana Financial Group to collaborate in the digital business sector. (From left) Lee Seok, Head of Hana Card Division; Kim Sung-joo, Executive Director of Hana Card; Lim Kyung-hoon, Executive Director of LG Uplus; Kim Nam-soo, Managing Director of LG Uplus.

[Asia Economy Reporter Eunmo Koo] LG Uplus announced on the 25th that it has signed a strategic business agreement with Hana Financial Group for digital business cooperation.

The two companies agreed to jointly develop and market differentiated digital-based products by combining financial products from Hana Financial Group affiliates such as Hana Card, Hana Bank, and Hana Financial Investment with the services of LG Uplus’s official online mall, ‘U+ Shop’.

LG Uplus pursued this partnership believing that, as the online-centered consumption trend accelerates, traditional retail-based telecom and financial companies can share concerns and find solutions together. Based on accumulated data and know-how in telecommunications and finance, they plan to lead digital trends and continuously maintain a mutual cooperation system to discover new growth engines for digital business.

First, on the 3rd of next month, they will expand partnership benefits and options by launching the ‘U+Family Hana Card (tentative name)’, an exclusive partnership card for U+ Shop, and adding ‘Hana Money’ as a partner to the ‘U+ Shop Exclusive Partnership Pack’. The U+ Shop exclusive partnership card will offer a 25% billing discount on communication fee payments to customers who register automatic payment of communication fees with the newly issued card. In particular, if combined with other discounts such as bundling or selective contracts, customers can enjoy up to a 62% discount.

Additionally, by adding ‘Hana Money’ as a partner to the ‘U+ Shop Exclusive Partnership Pack’, the total number of partner options will increase to eight. The ‘U+ Shop Exclusive Partnership Pack’ provides benefits of up to 7,500 KRW discount coupons usable at partner stores every month for 24 months when subscribing to LTE or 5G plans through ‘U+ Shop’.

Within the first half of the year, LG Uplus plans to concretize and introduce services linked with stocks and fund products in cooperation with Hana Financial Investment, as well as develop joint savings products and operate deposit and withdrawal account promotions with Hana Bank.

LG Uplus is leading digital channel innovation with industry-lowest price U+ Shop exclusive ‘LTE and 5G Direct Plans’, the ‘U+ Shop Exclusive Partnership Pack’ offering partner discount coupons monthly for up to two years, the industry’s first live commerce ‘U+ Shop Live’, ‘Self-Activation’ service within U+ Shop, introduction of Naver simple authentication easy payment, the industry’s highest consultation accuracy of about 90% with the ‘U+ Shop AI Chatbot’, and the industry’s first sale of unlocked phones.

Im Kyunghoon, Head of Consumer Sales Division at LG Uplus, said, “We pursued this partnership to strengthen digital business competitiveness in line with the spread of untact consumption trends and rapidly changing digital transformation flows. Through the digital alliance of both companies, we expect to secure leadership in the non-face-to-face telecom finance market and create a new turning point such as increasing subscriber sales for both companies.”