Shinhyup Meets Customers on BankMall, a Platform for Comparing Mortgage Loan Interest Rates

BankMall, a mortgage loan interest rate comparison platform, announced on the 26th that it has signed a business agreement with ShinHyup to expand non-face-to-face online loan comparison services.

ShinHyup (Credit Union) plans to collaborate with the loan comparison platform BankMall to expand transactions based on fintech technology, and cooperate in the sales and partnership of commercial loans, land loans, general housing (villas, detached houses, multi-family houses, etc.), and apartment mortgage loan products.

Through this business partnership, competitive products from ShinHyup, a financial cooperative with assets totaling 124 trillion KRW, will be available on the BankMall platform. ShinHyup expects to attract new customers by leveraging BankMall’s 10 years of loan comparison expertise and recognition. With aligned mutual interests, ShinHyup chose BankMall as its first loan comparison platform partner for mutual growth.

ShinHyup is a nonprofit financial cooperative voluntarily organized to address the economic and social difficulties of ordinary citizens, operating over 1,670 branches nationwide, supporting people both in the metropolitan area and non-metropolitan regions. This number of branches is about twice that of KB Kookmin Bank (876 branches) or Shinhan Bank (739 branches).

BankMall, as the mortgage loan comparison platform with the largest number of participating financial institutions?36 in total?allows consumers to check loan conditions and find optimal financial products suited to their individual circumstances through a non-face-to-face service. Especially, BankMall’s platform, reflecting real estate regulations, enables users to review home purchase funds, refinancing of existing apartment mortgage loans, living stabilization loans, jeonse eviction funds loans, and personal business loans. Since renewing its website in January 2022, the platform has accumulated loan applications totaling 860 billion KRW and has attracted 390,000 visitors.

Jokyung Sung, CEO of BankMall, stated, “The previous mortgage loan interest rate comparison service, which was only available during business hours through consultations, can now be accessed anytime and anywhere through the renewed BankMall platform.” He added, “We will continue to expand our product offerings through business agreements with financial companies so that consumers can compare a wider variety of financial products.”