KEB and Samsung team up

Two major giants in the banking and IT industry have joined hands in their search to further expand their development and services on fintech, hoping not only to become the nation’s leading financial platform but also widening its market overseas.

KEB Hana Bank said Sunday that it has signed an agreement with the world’s leading smartphone manufacturer Samsung Electronics on Friday to jointly develop new fintech technologies including recognition verification systems and new financial services.

“Through the strategic partnership on fintech with Samsung Electronics,” said Ham Young-joo, KEB Hana Bank CEO, “we will be able to aggressively counter the ever changing needs of financial consumers by integrating new technologies with various financial services including mobile verification services, points business and payment services.”

The bank CEO stressed that the strategic alliance will help further boost Hana membership, which the bank claims is the first integrated membership service provided in the local financial industry.

Hana membership , which attracted 5 million subscribers, allows financial clients of the bank to accumulate points from the financial services that they receive in any Hana Financial Group’s affiliated companies and later spend it like cash.

“Consumers will have access to new financial services that are more convenient and safe through the strategic alliance based on [Samsung’s] own experience of successful launching of Samsung KNOX [securities system] and Samsung Pay [mobile payment service],” said Samsung Electronics’ vice president on IT and Mobile division Lee In-jong.

lee.hojeong@joongang.co.kr