Shinhan Card opens new credit arm in Kazakhstan
Korean credit card company Shinhan Card has expanded its presence into the overseas market by opening a new branch in Almaty, Kazakhstan.
Dubbed as Shinhan Finance, the new branch aims to focus on auto, heavy machinery and home appliance financing and leasing services.
As part of the move, the company has formed strategic partnerships with several automobile dealerships in Kazakhstan, including Astana Motors and Allur Auto.
The company has invested KRW5bn ($4.4m) into Shinhan Finance and plans to double to KRW10bn by early 2016.
Shinhan Card CEO and president Wi Sung-ho said that the company has to get approval from the local financial authorities to run a credit and debit card business in Kazakhstan.
He added that Shinhan Card has forayed into the central Asian country as it has a great growth potential in banking and other financial services.
“In recent years, Kazakhstan has shown the highest growth among the Common Wealth of Independent State (CIS) countries. Its retail banking market has seen double-digit growth each year; and the country’s per-capita gross domestic product has reached $14,000,” he added.
Additionally, Shinhan Card is planning to expand its footprint to emerging markets in Southeast Asia.