SWIFT helps the Korean bank achieve the next level of bank-readiness
Hong Kong, 10 August 2015 – SWIFT announces that Shinhan Bank has recently been awarded an advanced bank-readiness certification from SWIFT. In response to on-going corporate needs to communicate with their banks in a globally standardised and streamlined method, Shinhan Bank recently enhanced their technical capabilities to serve corporates over the SWIFT platform. This was a significant milestone for the bank as they can now effectively compete with their global and regional peers to win more corporate relationships while addressing their cash management needs in a cost-effective way.
Bu Ki Park, General Manager, Shinhan Bank, stresses the importance of the SWIFT bank-readiness certification for all banks, "Corporates need to work with a bank that has the experience, expertise and value- added functionality that will help enable them to achieve their cash and liquidity management goals. These criteria should be paramount when corporates fine-tune their banking relationship selection process. We believe it is essential to implement SWIFT's best practices as this reinforces our leading position in the Asia Pacific region."
Stella Lim, Head of Corporate Sales, Asia Pacific, SWIFT, comments that, “In this competitive environment, in order to provide corporate customers insight into the SWIFT readiness of their banking partners, it is essential that banks are certified with SWIFT’s bank-readiness certification programme. Certification gives corporate customers a clear view on the SWIFT capabilities of their banking partners around the world. We are happy to award Shinhan Bank with the advanced bank readiness certificate and glad that SWIFT was able to assist them in their global expansion plans.
Shinhan Bank has recently announced its plans to expand their business regionally and globally, marking their debut presence in Mexico, Australia, the Philippines, and Dubai, in response to its growing base of international corporate clients. The Korean bank, which currently already has 15 existing branches, has turned to SWIFT for their line of products and services which can help them improve cash management service for their corporate clients.
SWIFT offers a wide range of products and services for multi-banked corporates, including: Liquidity Management, Cash/Payment Management, Treasury Management, Trade & Supply Chain Finance, and Equity/Commodities Management. By connecting to SWIFT, corporates can enjoy global visibility on cash and trade, lower cost of financial transactions, and improved security and reliability. To learn more about SWIFT for Corporates, please visit http://corporates.swift.com/
SWIFT has been operating in Asia Pacific for over 30 years and currently has nine offices across the region, including, Hong Kong, Singapore, Kuala Lumpur, Seoul, Tokyo, Sydney, Beijing, Shanghai, and Mumbai.
About Shinhan Bank
Shinhan Bank provides comprehensive banking services and products at both national and international levels. Shinhan Bank handles deposit-taking, lending, personal banking, corporate banking, investment banking, trust businesses, foreign exchange, and so on. Having 925 branches, over 22 million customers, and total assets equivalent to approximately USD 233 billion as of the end of December 2014, Shinhan Bank is now a leading global bank with the highest profitability and financial soundness in Korea. Shinhan Bank also has been appraised by the global credit-rating agencies as having the highest credit-rating among Korean banks (A by Standard & Poor’s, Aa3 by Moody’s, and A by Fitch Ratings). From a global perspective, Shinhan Bank has the strongest overseas presence among Korean banks, with 76 branches/offices operating all over the world, as of the end of July 2015.
SWIFT is a member-owned cooperative that provides the communications platform, products and services to connect more than 10,800 banking organisations, securities institutions and corporate customers in over 200 countries and territories. SWIFT enables its users to exchange automated, standardised financial information securely and reliably, thereby lowering costs, reducing operational risk and eliminating operational inefficiencies. SWIFT also brings the financial community together to work collaboratively to shape market practice, define standards and debate issues of mutual interest.
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Senior Communications Manager, Asia Pacific
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