Shinhan Card, KakaoBank's First PLCC Partner... Launching in First Half of Next Year

"Top Leaders Joined Forces... Providing Differentiated Services"

Shinhan Card announced on the 27th that it has signed a business agreement with KakaoBank to develop a private label credit card (PLCC) product and promote joint marketing. The signing ceremony, held the previous day at Shinhan Card's headquarters in Jung-gu, Seoul, was attended by Moon Dong-kwon, President of Shinhan Card, Yoon Ho-young, CEO of KakaoBank, and other officials.

Under this agreement, the two companies plan to launch the first 'KakaoBank PLCC' in the first half of next year. Utilizing Shinhan Card's big data infrastructure to analyze and reflect the consumption and lifestyle patterns of people in their 20s and 30s, combined with KakaoBank's unique products, they aim to introduce a new form of service. Additionally, they plan to implement various services such as card application through the KakaoBank application (app), as well as providing card performance, benefit details, and additional services.

The two companies plan to showcase the highest level of innovative financial services in Korea through economies of scale beyond industry boundaries. With Shinhan Card holding 32 million customers based on integrated membership and KakaoBank established as a leading internet-only bank with 24 million customers, their strategic partnership is expected to provide new customer experiences based on optimized customized services.

Moon Dong-kwon, President of Shinhan Card, said, “As the number one players in the card industry and internet-only banking join forces, we will introduce KakaoBank's first PLCC that offers differentiated customer experiences.” He added, “We plan to provide a new form of financial service based on innovative services that can encompass all generations, including the 20s and 30s, enough to change the landscape of the card industry.”