Shinhan Bank partnered with POSCO International to digitalize trade finance operations, expanding their collaboration after a successful pilot program in August.
The agreement, signed at Shinhan’s Seoul headquarters, focuses on developing new financial products across online and offline platforms. Both companies plan to leverage their domestic and international networks to streamline export-import operations.
The move follows their initial transaction using Ess-Docs, a platform managing electronic documentation for international trade. While the deal’s financial terms weren’t disclosed, it represents South Korea’s growing push toward modernizing its trade infrastructure.
Shinhan’s customer solutions head Kim Kwang-soo said the partnership would enhance digital competitiveness in trade operations. POSCO International, represented by planning division chief Jung Kyung-jin, seeks to expand its digital footprint in global markets.
The collaboration comes as Korean banks face pressure to update legacy systems and reduce paper-based processes in international trade. Traditional trade finance operations often involve extensive manual documentation, leading to delays and increased costs for businesses.
The bank plans to roll out new digital trade products, though specific timelines weren’t provided.
