Shinhan Bank Signs Business Agreement with FortyTwoDot to Secure Mobility Market Lead

Shinhan Bank Jumps into Future Mobility Market to Secure Leading Position

At the business agreement ceremony held on the 15th at the FortyTwoDot headquarters located in Gangnam-gu, Seoul, Shinhan Bank Digital Strategy Group Vice President Jeon Pil-hwan (left), FortyTwoDot CEO Song Chang-hyun (center), and Shinhan Capital SI Finance Division Head Jung Sang-hoon (right) pose for a commemorative photo.

[Asia Economy Reporter Park Sun-mi] Shinhan Bank announced on the 16th that it has signed a business agreement with mobility technology company FortyTwoDot to collaborate on mobility data linkage projects and jointly discover new financial businesses based on autonomous driving.

FortyTwoDot is a leading company in future autonomous driving mobility technology, possessing Level 4 autonomous driving technology (a level where the driver does not need to intervene except in certain situations) and an integrated mobility platform.

Under this business agreement, both parties will closely cooperate through ▲ autonomous driving-based mobility payment business ▲ discovery and development cooperation of services needed for online-to-offline (O2O) platforms ▲ discovery and promotion of new mobility financial businesses ▲ provision of innovative financial services within smart city projects.

Shinhan Bank is pursuing various initiatives to secure future core markets and strengthen digital capabilities. In addition to this agreement with FortyTwoDot, it is also participating in the Sejong City Smart City Consortium, expecting to draw a blueprint for future innovative finance combined with mobility technology.

In particular, this business agreement was carried out together with a strategic investment (KRW 30 billion) by Shinhan Capital, which manages the ‘One Shinhan Connect New Technology Investment Fund No. 1,’ a strategic investment (SI) fund of Shinhan Financial Group. A Shinhan Bank official stated, “We will continuously introduce innovative financial services within future mobility industries such as smart cities,” adding, “We will build a digital ecosystem that transcends the boundaries of finance in various fields.”