Shinhan Bank's "Ttaenggyeoyo" Officially Approved as Food Order Brokerage Platform Service

Officially Approved as an Ancillary Business by the Financial Services Commission on the 16th
Decentralized Protocol Economic Model Based on Web 3.0 Technologies Such as AI and Blockchain Applied to Delivery App

Shinhan Bank announced on the 19th that it received official approval from the Financial Services Commission on the 16th to include its "food order brokerage platform service" as an ancillary business.

Shinhan Bank's food order brokerage platform, "Ttaenggyeoyo," was designated as an innovative financial service by the Financial Services Commission in December 2020. After more than a year of preparation, it launched in January 2022 under the slogan "Our Neighborhood Delivery App Where Both You and I Benefit."

Since December last year, Shinhan Bank began working on improving regulations related to innovative finance. By actively communicating with the Financial Services Commission and quickly promoting policy improvements, the bank received official approval for the ancillary business in about six months.

Shinhan Bank plans to grow "Ttaenggyeoyo," its food order brokerage delivery app, as its leading non-financial service platform. The bank also aims to apply a decentralized protocol economic model based on Web 3.0 technologies such as AI and blockchain to the delivery app.

By building a fair and sustainable delivery industry structure in which all stakeholders?including consumers, franchisees, platforms, and the bank?participate, and by combining Shinhan Bank's financial infrastructure, the bank will provide financial convenience to small business owners. This will be achieved by linking commerce brokerage and financial support through a 2% lower brokerage fee, new platform marketing support funds, and low-interest liquidity support based on real-time sales data.

Through these efforts, customers using the delivery platform will be able to enjoy food delivery services at lower prices, while the resulting increase in small business owners' sales will contribute to revitalizing the local economy, creating a virtuous cycle.

A Shinhan Bank representative stated, "Based on this approval for ancillary business, we will accelerate the creation of a new digital financial ecosystem that connects a variety of lifestyle services beyond the traditional boundaries of finance. We will also continue to strengthen the 'Ttaenggyeoyo' brand and devote ourselves to providing financial solutions that benefit all stakeholders."

Shinhan Bank's Ttaenggyeoyo is strengthening its role as a public delivery app to foster a healthy delivery app market from the perspective of ethical consumption and mutual growth, rather than as a profit-driven business model. The platform offers a 2% lower brokerage fee, free advertising, and fast settlement services.

Currently, Ttaenggyeoyo has over 4.92 million members and approximately 220,000 franchisees, demonstrating rapid growth. In March, it was selected as the sole operator of Seoul Delivery by the Seoul Metropolitan Government. It has also signed public delivery app business agreements with nine metropolitan governments, including Seoul and Incheon, and with 25 basic local governments, including Cheonan and Chuncheon.

Additionally, Ttaenggyeoyo is participating as a payment merchant in the Bank of Korea's digital currency test, "Project Hangang." By testing its expandability as a payment method in delivery apps, which are closely tied to daily life, the platform is also playing a leading role in digital finance.