SEOUL, Feb. 13 (Korea Bizwire) — Standard Chartered signed a MoU with Shinsegae Corp. to implant sales and marketing channels at main Shinsegae retail stores, on February 12. Standard Chartered is also in talks to sell off its Cheil Branch in Myeongdong to Shinsegae, which is one of the largest retailers in Korea.
Standard Chartered will install mini-branches called Smart Banking Units (SBU) and mobile pop-up desks at Shinsegae retail stores in the second quarter of the year.
The mini-branches will be staffed by two or three employees with a system built upon fintech (financial technology). The pop-up stores will focus on services related to credit and debit cards. Standard Chartered and Shingegae are also set to jointly invest in SC’s computing system, branch developments and marketing.
Park Jong-bok, Standard Chartered Bank Korea CEO, said that he expects to draw more than 100,000 customers per year through the new branches at Shinsegae stores.
Standard Chartered Korea will also launch a Shinsegae affiliated debit card service in the next six months.
By J.W. Choi (email@example.com)