Proptech 'Apartmentary' Partners... Launches Installment Financing Products for Apartment Interior and Remodeling
Up to 50 Million KRW, Maximum 60 Months Usage... 6 and 12-Month Users Enjoy Interest-Free Service
[Asia Economy Reporter Yoo Je-hoon] Shinhan Card is launching an installment financing service in partnership with a 'Proptech (Property+Technology)' startup that is bringing fresh innovation to the interior and remodeling market.
On the 28th, Shinhan Card announced the launch of a new installment financing product called 'A-PAY' in collaboration with ApartMentary. ApartMentary is a proptech startup that introduced the first fixed-price system in the interior industry and provides services such as operating a direct after-service (A/S) center, issuing completion confirmation certificates, and transparent tax settlements.
The A-PAY product launched by Shinhan Card is an installment financing product designed to ease the payment burden for customers who have signed remodeling and interior construction contracts with ApartMentary. Real estate owners under their own name can use up to 50 million KRW for a maximum of 60 months, with an annual interest rate of 0 to 6.5% depending on the usage period. Notably, customers using the service for 6 or 12 months are offered interest-free financing regardless of the amount, further reducing the burden.
A-PAY is expected to help customers choose the interior services they truly want by overcoming the industry practice of requiring large sums of cash upfront due to the preference for cash transactions in the interior and remodeling sectors. For example, it can assist those who want to remodel before moving into an apartment but face difficulties in securing funds due to final payment obligations. Additionally, A-PAY offers the convenience of applying easily with just an ID and contact information, without the need for separate document submissions or cumbersome procedures for credit rating checks.
Shinhan Card and ApartMentary plan to build a close collaborative relationship going forward to continuously launch services that align with trends in the interior and remodeling market. ApartMentary has previously received a 10 billion KRW investment from Shinhan Financial Group's strategic investment (SI) fund.
A Shinhan Card representative said, "It is meaningful that we have launched a service that helps customers make choices tailored to their needs through a partnership with ApartMentary, which is creating new waves in the proptech sector," adding, "Since ApartMentary has received investment from Shinhan Financial Group, both companies will leverage their synergy to provide innovative financial services and strive to realize Shinhan Financial Group’s vision of ‘Easier, More Comfortable, and Newer Finance.’"
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