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THE INVESTOR
October 21, 2021

Market Now

NH NongHyup to work with Samsung Electronics on digital transformation

  • PUBLISHED :August 22, 2021 - 10:51
  • UPDATED :August 22, 2021 - 10:51
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NH NongHyup Bank CEO Kwon Joon-hak (right) and Samsung Electronic Vice President Kang Bong-ku pose for a photo after signing a partnership for digital transformation at the NH Digital Innovation Campus in Seoul on August 18. (NH NongHyup Bank)

South Korea’s NH NongHyup Bank said on August 19 it is collaborating with Samsung Electronics to accelerate the digital transformation of its financial businesses.

One of the country’s top commercial banks and the global tech behemoth signed a memorandum of understanding on August 18 that will help NH NongHyup efficiently utilize key emerging technologies such as artificial intelligence, blockchain and the metaverse.

Designing digital, yet consumer-friendly brick-and-mortar branches, developing financial services based on blockchain technology and joint research on new AI and metaverse platforms will be the key agendas of the latest partnership.

The partnership comes as NH NongHyup has been bolstering its digital services. It recently launched a virtual Dokdo branch, which customers can visit via its mobile app All One Bank and subscribe to financial products tied to the nation’s easternmost islets. It has also been expanding its list of mobile loan products.

NH NongHyup’s net profit for the first six months of the year gained 7.8 percent on-year to 856.3 billion won ($727.6 million).

“We have partnered with Samsung Electronics, a forerunner of digital technology, to materialize our goal of building a consumer-friendly, comprehensive digital platform, in line with our 60th anniversary,” NH NongHyup Bank CEO Kwon Joon-hak said.

“We hope to showcase some innovative digital services through the partnership and continue to make efforts to become an industry leader of digital finance,” he added.

By Jung Min-kyung (mkjung@heraldcorp.com)

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