South Korea’s Woori Bank has joined hands with telecommunication services provider SK Telink Co. to expand consumer base in Vietnam through smartphones and mobile technology.

Woori Bank said on Wednesday that it has signed a partnership agreement with SK Telink on global digital business. The signing ceremony was attended by Jung Chae-bong, head of operations at Woori Bank, and Kim Sun-joong, chief executive of SK Telink.

Under the partnership, Woori Bank Vietnam and SK Telink’s local entity will provide a new service that enable consumers who buy new mobile handsets simple mobile installment finance service. They plan to go after consumers planning to buy new handsets based on big data analysis and use credit analysis model to sell credit loan and mobile installment finance products. The two companies also plan to promote joint marketing to attract new customers.

The latest partnership has allowed Woori Bank and SK Telink to promote new digital business in Vietnam. The two companies will mutually cooperate to expand digital business such as by promoting a joint digital project. They plan to expand partnership areas by integrating Woori Bank’s overseas network and SK Telink’s digital service.

Woori Bank said that it will boost digital business marketing through partnerships with Korean digital firms operating overseas. The lender will also use its 443 overseas networks in 26 countries, which is the largest among Korean lenders, to expand overseas entry with local digital firms.

By Lee Seung-hoon and Lee Eun-joo

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