Shinhan Financial Group said Thursday that it had signed a memorandum of understanding with the Vietnamese subsidiary of Singapore-based ride-hailing giant Grab to jointly develop new digital financial services. 

Under the agreement, Shinhan’s startup accelerator unit, Shinhan Future’s Lab Vietnam, and Grab will join hands to nurture budding local enterprises developing new services ranging from fintech to real estate and will work together to build a startup-friendly ecosystem in the Southeast Asian country, officials said.

Shinhan plans to use Grab’s platform and customer networks to upgrade its non-face-to-face financial services targeting local customers, they added.

“Through the partnership with Grab Vietnam, Shinhan Financial will boost the digital transformation of financial services, while developing innovative business models in Vietnam’s startup ecosystem,” said Shin Dong-min, head of Shinhan Bank Vietnam. 

Grab is Southeast Asia’s largest mobile technology firm, headquartered in Queenstown, Singapore. It offers ride-hailing services, food delivery and payment solutions.

By Choi Jae-hee (cjh@heraldcorp.com)