SEOUL, South Korea – Shinhan Card, having solidified its presence in the international travel card market, is now aggressively expanding its business to target the growing population of foreign residents in South Korea. This strategic shift aims to secure new growth engines, underscored by a recent Memorandum of Understanding (MOU) with E9pay (Eninepay), the leading fintech company in overseas remittances. This partnership signifies Shinhan Card's commitment to enhancing financial inclusivity by launching a dedicated card with significantly bolstered benefits and convenience tailored for foreign nationals.
"E9pay Shinhan Card Cheoeum" Revolutionizes Accessibility for Foreign Customers
The collaboration between Shinhan Card and E9pay has culminated in the launch of the 'E9pay Shinhan Card Cheoeum' (meaning 'First' in Korean). This card is specifically designed to provide practical financial assistance to foreign residents, notably improving their financial accessibility by addressing common inconveniences in the card issuance process.
From the planning stages, Shinhan Card prioritized the convenience of foreign customers throughout the entire card application, review, and delivery process. Product information is now supported in 16 languages to ensure better understanding, and applications submitted via the E9pay app offer foreign language versions of product details, effectively dismantling language barriers.
Furthermore, eligibility criteria for foreign applicants have been significantly eased. Previously, credit card approval often required an individual to own real estate above a certain public land value. This has been simplified to merely requiring real estate ownership. Financial asset requirements have also been lowered; the previous criterion of a regular balance of KRW 50 million regardless of transaction period has been relaxed to a balance of KRW 10 million with a transaction period of just one month or more. These adjustments aim to alleviate financial burdens for foreign customers.
Shinhan Card has also substantially improved card reception convenience. Foreign customers can now utilize the GS25 convenience store card pickup service, allowing them to receive their cards 24/7 at any GS25 store nationwide. This service, a result of Shinhan Card's partnership with GS25, addresses the challenges faced by customers who cannot receive deliveries during weekday business hours. Foreign customers can access this service by installing the Shinhan SOL Pay app and completing mobile phone authentication. This initiative reflects Shinhan Card's thoughtful consideration of the busy lifestyles and work environments of foreign residents in South Korea.
Tailored Benefits to Enhance Life in Korea
The 'E9pay Shinhan Card Cheoeum' is also distinguished by its array of benefits designed to support foreign residents in their daily lives in Korea. It offers a 5% point accumulation for various categories, including restaurants, cafes, convenience stores, online shopping, daily necessities (household goods, fuel, public transportation), travel, and fashion. Moreover, recurring payments for membership services, OTT (Over-The-Top) streaming services, and telecommunication fees receive a high 20% point accumulation, significantly reducing fixed expenditures for foreign customers.
The card also incentivizes planned spending and provides opportunities for bonus point accumulation through its instant payment features, encouraging foreign customers to engage in rational and planned consumption. This benefit structure, centered on essential aspects of daily life in Korea, provides tangible advantages and demonstrates Shinhan Card's thorough analysis of foreign customer spending patterns.
Beyond the 'E9pay Shinhan Card Cheoeum,' Shinhan Card has continually analyzed the spending habits of foreign residents and tailored services accordingly, operating dedicated foreign-exclusive products such as 'Shinhan Card SOL Global Check' and 'Shinhan Card SOL Global U Check.' This consistent effort underscores Shinhan Card's view of the foreign resident market not as a niche, but as a strategic sector with high potential.
Leading the Travel Card Market and Embracing New Challenges
In addition to targeting foreign residents, Shinhan Card continues its efforts to expand personal debit card usage overseas. According to the Bank of Korea, the total overseas personal debit card usage by eight major Korean card companies (Shinhan, Kookmin, Samsung, Hyundai, Lotte, Woori, Hana, and BC Card) for Q1 2025 was KRW 3.2169 trillion. Shinhan Card's share of this was KRW 1.0198 trillion, or 31.7%, demonstrating significant market competitiveness.
Despite being a latecomer to the travel card market compared to Hana Card, Shinhan Card has steadily narrowed the gap through aggressive marketing and product launches. Notably, the recent introduction of the Japan-specific 'SOL Travel J Check Card' caters to the needs of travelers to a particular country. This card offers optimized benefits for travel to Japan, including fee waivers for JPY currency exchange and overseas ATM withdrawals, along with discounts at convenience stores and major merchants in Japan, making it highly popular among Japanese travelers.
To maintain this growth, Shinhan Card plans to continuously expand data-driven customized product development and marketing. This strategy is crucial for meeting rapidly changing consumer trends and diverse customer demands. By leveraging data analytics to propose optimal products and services tailored to individual spending habits and lifestyles, Shinhan Card aims to enhance customer satisfaction and further expand its market share.
The Strategic Significance of Shinhan Card's Approach to Foreign Residents
The number of foreign residents in South Korea has been steadily increasing, establishing them as a crucial component and a new consumer segment of the Korean economy. According to Ministry of Justice statistics, as of October 2024, the number of foreign residents in Korea exceeded approximately 2.5 million, accounting for about 4.8% of the total Korean population. These individuals are not merely visitors but long-term residents engaged in stable economic activities for purposes such as education, employment, and marriage.
These foreign nationals have diverse needs related to remittances to their home countries, domestic consumption, and financial service utilization. However, they have often faced difficulties in accessing domestic financial services due to language barriers, lack of understanding of the financial system, and stringent credit card issuance procedures. Shinhan Card's current strategy is significant as it addresses these inconveniences for foreign customers and contributes to expanding financial inclusivity by supporting their financial lives.
The partnership with E9pay, in particular, demonstrates Shinhan Card's commitment to actively leveraging fintech technology to attract foreign customers, moving beyond traditional methods. E9pay possesses unparalleled technological prowess and a robust customer base in the overseas remittance sector. Shinhan Card expects to achieve significant synergy with E9pay, enabling the provision of more convenient and efficient financial services to foreign customers.
Shinhan Card's initiatives are not merely about acquiring new customer segments; they represent a exemplary case of expanding the role and responsibilities of financial services in line with Korea's rapid transition into a multicultural society. All eyes are now on Shinhan Card to see what new financial innovations it will introduce in the foreign resident market in South Korea.
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