Shinhan Financial Group chairman Han Dong-woo said that it will focus on financial technology, or fintech, and global expansion this year.

Chairman Han revealed the plan after his financial group revealed a net profit of 2.4 trillion won ($2.06 billion) in 2015, the highest of its kind in the domestic financial industry. The company has surpassed the 2 trillion won mark in profits for two consecutive years. 

To further strengthen Shinhan’s competitiveness, the company said it would enhance digital financing and increase global footings.

Early this year, the group underwent restructuring and established a digital finance team. Additionally, the group, including all Shinhan affiliates, held a meeting with 16 Korean fintech companies to discuss the future of Shinhan’s digital financing last week.

Recognizing the importance of global expansion over three decades ago, Shinhan currently has 151 spokes in its global network in 19 countries. However, with the sluggish domestic financial market, Shinhan is aiming to target the larger financial market abroad, in particular Asia, this year, according to group officials.

Early in March, Shinhan acquired a preliminary permission for a banking license from the Central Bank of Myanmar, the first for a Korean financial group.

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