Shinhan Life Vietnam and Shinhan Bank Vietnam Sign Insurance Business Partnership

Shinhan Life Insurance Vietnam Limited Liability Company (“Shinhan Life Vietnam”) and Shinhan Bank Vietnam Limited (“Shinhan Bank”) on May 24th 2022 in Ho Chi Minh City officially announced the signing of a strategic cooperation agreement, implementing bancassurance business model.

This event marked a new chapter with full of expectations for two financial organizations with mutual plans, in order to bring living improvement solutions to a million Vietnamese people.

Mr. Kang GewWon, General Director of Shinhan Bank Vietnam (left) and Mr. Lee Euichul, General Director of Shinhan Life (right) signed insurance business partnership.

According to the agreement, Shinhan Bank Vietnam will consult and introduce life insurance products of Shinhan Life to the bank's customers nationwide. The first product developed through this distribution channel is Shinhan – Credit, a protection product for borrowers.       

Mr. Kang GewWon, General Director of Shinhan Bank Vietnam shared: “In recent years, customers' demand for insurance products at the bank has expanded substantially. They want comprehensive advice on financial solutions, including insurance products. Therefore, the strategic partnership between Shinhan Bank Vietnam and Shinhan Life Vietnam aims to jointly bring insurance products with optimal benefits to customers, simultaneously, demonstrates sustainable bond of Shinhan Bank Vietnam as well as Shinhan Life Vietnam with Vietnam’s market in the coming time. We believe that with the strong potential of the two parties, this cooperation will open up new opportunities and complete the ecosystem of financial products and services of Shinhan Financial Group in Vietnam”.

The strategic partnership between Shinhan Bank Vietnam and Shinhan Life Vietnam will bring insurance products with optimal benefits to customers

Mr. Lee Euichul, General Director of Shinhan Life Vietnam, shared: “As a rookie in the Vietnamese market since the beginning of 2022, Shinhan Life has always focused on designing a life insurance product portfolio that brings new values and surprise for Vietnamese customers. At the same time, diversifying distribution channels is also our top priority in the early days of operation. Through the cooperation with Shinhan Bank – which belongs to Shinhan Group with nearly 30 years of experience and a nationwide network of bank branches, we hope to have more and more Shinhan Bank customers can access products from Shinhan Life in the most convenient and fastest way”.

Through this partnership, the two partners demonstrate their commitment to developing and completing a comprehensive portfolio of financial products and services, with the goal of providing customers with more suitable options in financial planning for themselves and family.

T.N (Vietnam Business Forum)