Shinhan Bank said on June 23 that it has signed a comprehensive business agreement with Octopus Cards Ltd., Hong Kong's leading contactless prepaid card operator, for strategic cooperation in the digital business sector.
Octopus is the operator of Octopus cards, which are used as a micro-payment tool in public transportation and general franchises across Hong Kong. Currently, there are more than 36 million Octopus cards used in Hong Kong, and more than 99 percent of Hong Kong residents use Octopus cards instead of cash in the shopping, dining and travel sectors.
Based on the partnership, Shinhan Bank and Octopus plan to pool their capabilities to develop new digital payment services to provide differentiated convenience to their customers.
"The MOU with Hong Kong Octopus is meaningful in introducing new services across the border through digital channels," a Shinhan Bank official said. "By partnering with various global operators based on Shinhan's digital platform, SOL, we will be reborn as a different life finance platform."