Shinhan Financial Group, the nation’s largest banking group by assets and profits, launched a combined rewards system called the “Shinhan Fan Club” on Thursday.

“The new rewards system was introduced so that customers would conveniently collect and spend points,” said a Shinhan Financial Group official.

The new rewards system replaces the previous “My Shinhan Point” rewards system that only allowed Shinhan members to collect points when completing a financial transaction with the Shinhan Card.

However, the new rewards system allows Shinhan members to receive points when using services from seven Shinhan affiliates, including Shinhan Bank, Shinhan Card, Shinhan Financial Investment, Shinhan Life, Shinhan Capital, Jeju Bank and Shinhan Savings Bank.

To use the new rewards systems, members should download the “Shinhan Fan Club” application and register before using, saving, and sharing their Shinhan points.

The points may be used to purchase products from various stores including Starbucks, SK Telecom, and GS25.

By Lee Seo-young (seoyounglee@heraldcorp.com)