Shinhan Bank Selected as 'Foreign Exchange Bank for Currency Exchange' by Korea Disease Control and Prevention Agency

Jin Ok-dong, President of Shinhan Bank

[Asia Economy Reporter Kwangho Lee] Shinhan Bank announced on the 3rd that it has been selected as the 'Foreign Exchange Bank for Currency Exchange' to support currency exchange and remittance related to the government's overseas vaccine purchase contracts.

Shinhan Bank signed a business agreement with the Korea Disease Control and Prevention Agency (KDCA) on December 29 last year and plans to support foreign exchange operations for overseas vaccine purchases this year.

The KDCA conducted a public recruitment in December last year to select a Foreign Exchange Bank for Currency Exchange, aiming to maintain currency stability by utilizing the Foreign Exchange Stabilization Fund managed by the Ministry of Economy and Finance for payment of overseas vaccine purchase contracts.

Shinhan Bank was selected as the KDCA's Foreign Exchange Bank for Currency Exchange by achieving high scores in various evaluation criteria such as foreign exchange transaction volume and bid prices in the foreign exchange market.

Jung Eun-kyung, Commissioner of the KDCA, said, "We are promoting nationwide COVID-19 vaccinations for the recovery of the public's daily life," and added, "We hope that the KDCA and Shinhan Bank will work closely together to support the stable execution of vaccine purchase contracts."

Jin Ok-dong, CEO of Shinhan Bank, said, "We are very honored to participate in this project supporting the stable execution of overseas vaccine purchase contracts for nationwide COVID-19 vaccinations," and added, "As the KDCA's Foreign Exchange Bank for Currency Exchange, we will do our best to overcome COVID-19."