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Shinhan Card allowed to issue plastics in Indonesia

Collected: 2016.12.28

Distributed: 2016.12.29

Source: Go Direct

South Korea’s leading credit card issuer Shinhan Card Co. won approval from Indonesia’s central bank to issue plastics in the Southeast Asian county, becoming the first Korean credit card company to recruit credit card users in a foreign country.

The company said Wednesday that its Indonesian operation “Shinhan Indo Finance” got the green light from Bank Indonesia to run credit card business in the country.

Such approval follows the card issuer’s one-year long pursuit to gain access to the country’s credit card market with the launch of its Indian operation back in December, 2015.

According to the company, Shinhan Indo Fiance will start full-fledged operation starting early next year. It will leverage sales network and workforce of its joint venture partner Swadharma Indotama Finance - a financial subsidiary of Indonesia`s carmaker Indomobil Sukses Makmur Tbk owned by the nation`s second-largest conglomerate, Salim Group - and cooperate with its sister company Shinhan Bank Indonesia to expand its client base.

The Korea’s leading credit card issuer also plans to introduce its mobile payment platform, app card “FAN”, to its Indonesian operation to woo clients in their 20s and 30s, as well as use big data and fintech prowess for credit management and marketing. It sets a goal of becoming an industry leader in Indonesia in five years.

By Chung Ji-sung

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