Jeon Pil-hwan, Head of Digital Strategy Group at Shinhan Bank (left), Choi Hyung-rok, CEO of Ballan, and Jung Sang-hoon, Head of SI Finance Division at Shinhan Capital, are posing for a commemorative photo.
[Asia Economy Reporter Kwangho Lee] Shinhan Bank announced on the 14th that it has signed a business agreement with Balan, a luxury shopping online platform that is gaining much attention from the MZ generation, to expand the base of financial services.
Balan is a luxury shopping platform showing high growth by improving customer experience through stable inventory management secured by collaboration with local European boutiques and the introduction of packaging videos. Recently, it has been actively marketing by selecting actress Kim Hye-soo as its model.
This agreement was made alongside the investment from Shinhan Financial Group’s digital strategic investment fund 'One Shinhan Connect New Technology Investment Association No. 1,' operated by Shinhan Capital. Through this agreement, Shinhan Bank aims to secure a leading position in the rapidly growing luxury e-commerce platform market centered on the MZ generation and to build a solid collaborative relationship based on investment to create synergy with financial services.
Details include ▲providing specialized financial products for Balan’s online sellers ▲promoting joint marketing using both companies’ platforms ▲strengthening VIP customer services, and they agreed to pursue long-term cooperation to offer specialized customer services in various areas.
A Shinhan Bank official said, "As the flex culture of purchasing luxury goods to express one’s unique personality or taste has become common among the MZ generation, we believe this agreement will be an opportunity for the bank to be equipped with customer services and products that align with changing consumption trends."
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