Korea Business News Agency - NSP NEWS AGENCY.

(Seoul=NSP NEWS AGENCY) = Shinhan Bank announced on the 17th that it signed a business agreement with Shinhan Card and China Bank of Communications at the Seoul branch of China Bank of Communications located in Jung-gu, Seoul on the 16th to introduce the ‘SOL Travel Card QR Payment Service’ in China.

Bank of Communications is one of the five state-owned large commercial banks in China and ranked 9th in The Banker's 2023 list of the world’s top 1,000 banks.

Through this agreement, Shinhan Bank, in collaboration with Shinhan Card and Bank of Communications, will launch the ‘SOL Travel Card QR Payment Service’ in China in the first half of next year and expand payment convenience in China. Once the ‘SOL Travel Card QR Payment Service’ is introduced, customers holding the ‘SOL Travel Card’ will be able to conveniently make payments using QR codes using the ‘SOL Pay’ app on their smartphones in China.

To this end, Shinhan Bank and Bank of Communications will jointly handle the yuan settlement business, Shinhan Card will be in charge of card transactions and QR code creation, and Bank of Communications will be in charge of card settlement with Chinese QR payment institution NUCC(Net Union Clearing Corporation).

A Shinhan Bank official said, “We plan to provide a convenient and easy payment service by introducing a QR payment service in China in collaboration with Shinhan Card and Bank of Communications,” adding, “We will continue to pursue process improvements and service upgrades from the customer’s perspective in the future.”

By Soon-ki Lee(s8789@nspna.com) and Soo-in Kang(sink606@nspna.com)

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