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Kakao Mobility and Shinhan Bank to cooperate

Published: 20 Apr. 2021, 17:52

Shin Yeon-sik, deputy president and head of corporate banking at Shinhan Bank, left, and Kakao Mobility Chief Financial Officer Lee Chang-min pose for a photo after signing a partnership deal on April 14 at Kakao Mobility headquarters in Pangyo, Gyeonggi. [SHINHAN BANK]

Shinhan Bank said Tuesday it inked partnership with Kakao Mobility to offer financial support to the company's drivers.

The Kakao unit offers a range of mobility-related services including taxi-hailing, through the Kakao T mobile app.

The bank will offer favorable interest rates on loans to taxi drivers and employees of TJ Partners, a wholly-owned subsidiary set up by Kakao Mobility in 2019 to operate taxi companies. As of Tuesday, the corporation controls nine taxi companies, according to Kakao Mobility.

The two will also cooperate in promoting their mobile apps -- Shinhan's mobile banking app and Kakao Mobility's Kakao T app. Jointly issuing digital stamps or points is being considered as joint marketing project.

"We hope to create social value by contributing to the growth of mobility business," said Shin Yeon-sik, head of corporate banking at Shinhan Bank in a statement.

BY KIM JEE-HEE [[email protected]]