Shinhan DS, IT service arm of South Korea’s Shinhan Financial Group, established a subsidiary in Vietnam that will serve its sibling companies with digital financial services under the parent company’s ambitious goal to cement its No.1 foreign bank position in the Southeast Asian country.

Wholly owned by Shinhan DS, the Vietnam subsidiary ‘Shinhan DS Vietnam’ will primarily serve its financial affiliates running business in the Southeast Asian country as well as make a foray into Vietnam’s IT market for financial companies and explore new business opportunities, said Shinhan Financial Group on Wednesday.

“The company will work closely with its partners in Vietnam to provide services catering to their ICT needs in Vietnam and also create synergy under the group’s globalization drive,” said Yu Dong-uk, Shinhan DS CEO.

Shinhan DS Vietnam celebrating its business start on Tuesday also signed a memorandum of understanding with Vietnam’s largest startup incubator Saigon Innovation Hub and Ho Chi Minh City Computer Association on business cooperation.

Formerly Shinhan Data System, Shinhan DS provides services related to ICT R&D and IT outsourcing. It changed its corporate name in May and has accelerated efforts to strengthen its IT service expertise and seek greater opportunities in fintech area.

Shinhan Financial Group has been moving aggressively to expand business in Vietnam. Last year, its banking unit Shinhan Bank acquired Melbourne-based ANZ Bank’s retail business in Vietnam and became the largest foreign lender in the Southeast Asian country by asset and the number of branches. Early this year, Shinhan Card took over Prudential Vietnam Finance Company.

By Kim Tae-sung and Cho Jeehyun

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