Hana Financial, SK Telecom, SK Square partner to strengthen fintech service and digital innovation

Hana Financial Group, SK Telecom, and SK Square teamed up for a joint initiative to bolster their presence in the financial technology market. This is the business sector they will work together on and be one of the best fintech firms in this era where companies are fast shifting to a digitalized economy.

As per The Korea Herald, this partnership is the latest feature in the race to surpass the conventional financial systems of the five leading banking companies in South Korea - Nonghyup, KB Kookmin, Woori, Shinhan, and Hana. These financial companies have either created their own in-house tech teams or reached out to tech firms to manage the increasing online transactions for both financial and non-financial services.

With this said, SK Telecom, SK Square, and Hana Financial Group are not only planning to invest in startups to get into Web3 technology but to bring forward platforms by themselves instead of contracting a second party, like what the financial giants in the country are doing.

Having a platform that they will form themselves, they want users who have registered for Hana financial services to enjoy hassle-free services including mobile, satellite navigation, and e-commerce areas. These services are being offered by SK Telecom and SK Square so the partnership is really advantageous. As for SK users, they will be given better terms and conditions with their Hana-issued credit cards and enjoy other perks.

“Hana Financial Group and SK Telecom have come together for innovation in digital finance, our very first step forward,” Ham Young Joo, Hana Financial Group’s chairman, said in a statement regarding the three-way partnership deal. "We are glad to take our first step together toward innovation in digital finance, and I look forward to pioneering the new era of co-prosperity.”

SK Telecom’s chief executive officer, Ryu Young Sang, added, “From now on, we will be at the forefront, enhancing customer experience and prioritizing social good.”

The SKT chief added in a separate statement, "It is the fruit of cross-business cooperation among the leading companies in ICT and finance. We will continue to work closely on the three initiatives and go ahead in the sectors of ICT and finance."

The Korea Times reported that SK Telecom, Hana Financial, and SK Square would jointly invest in the third generation of the World Wide Web, known as Web3. Their collaboration is aimed at a decentralized and secure internet that will let users directly interact and make digital content through the use of advanced artificial intelligence (AI) and blockchain technology.