Duzon Bizon Collaborates with Shinhan Bank on 'Corporate Digital Finance' Business

[Asia Economy Reporter Hyunseok Yoo] Duzon Bizon announced on the 4th that it has signed a memorandum of understanding for a business partnership with Shinhan Bank to actively utilize the resources and capabilities possessed by both companies, such as infrastructure, platforms, solutions, services, and know-how, to jointly promote the 'corporate-exclusive digital financial platform business.'

This agreement establishes a broad mutual cooperation system between an ICT specialized company recognized as a leader in digital transformation and a leading domestic commercial bank. According to the company, concrete cooperation plans are also being discussed beyond simple business partnerships, including joint development and marketing of financial and ICT products, business support, strategic investment, and proposals for new businesses.

Duzon Bizon has strengthened its competitiveness in the corporate financial service sector by leveraging the largest domestic customer base, including 490,000 corporate clients using electronic tax invoices. Through this cooperation with Shinhan Bank, it is expected to enhance existing corporate financial services and introduce new innovative financial services, thereby achieving differentiated business synergy.

Duzon Bizon will combine Shinhan Bank's financial services with its core business areas such as the new concept groupware (Amaranth 10), business platform (WEHAGO), and next-generation ERP (ERP 10). By integrating Shinhan Bank's financial solutions (CMS, consulting, product linkage, and loans and deposits) and related financial services with internal solutions and services, it is explained that the creation of a corporate-specialized digital financial platform offering digital platform-data fusion services and new technology-based financial services is possible.

They will also collaborate in the data-driven financial service domain. By linking and analyzing financial and non-financial data from both companies, they plan to develop a corporate-specialized credit evaluation model and strengthen Duzon Bizon's innovative financial service, accounts receivable factoring. Furthermore, they are considering data-based business promotion through the fusion, analysis, and distribution of data owned by both companies.

Retail financial services will also be prepared for corporate employees using Duzon Bizon's business platform. They plan to enhance customer benefits and expand the customer base by providing a wide range of financial services, including credit and deposit services held by Shinhan Bank, as well as tax and asset management consulting services.

They also promised to continuously explore new business cooperation areas such as joint research and development activities and related business expansion for the globalization of future business models.

A Duzon Bizon official said, "By internalizing Shinhan Bank's strong financial service capabilities with Duzon Bizon's ICT capabilities based on new technologies such as cloud, big data, artificial intelligence, and fintech, it will be possible to build an innovative corporate-exclusive digital financial platform," adding, "We will continue a close cooperation system as a digital transformation partner beyond a simple partnership."

A Shinhan Bank official stated, "Through the '2030 Master Plan' that has been underway since last year, we aim to become a data company based on bold partnerships and mutual openness in the corporate sector, and realize the platform integration strategy of the BaaS (Bank as a Service) model as a partnership model with Duzon Bizon, a leading company in the market."