Shinhan seeks to strengthen foothold in Indonesia
Digital banking app SOL available there
Shinhan Bank is seeking to strengthen its foothold in Indonesia by releasing its mobile banking platform, Shinhan SOL Indonesia, which will allow customers there to use banking services more conveniently, the nation’s largest bank said Friday.
This is the second time the bank has launched its SOL mobile banking platform in another country.
SOL, which attracted 10 million users within 18 months of its release here, has earned favorable reviews in Vietnam as well, since its launch there in November 2018, according to the bank.
Shinhan said it took Indonesia’s culture and environment into account when optimizing the mobile banking platform, so as to offer the best user experience to local customers.
“Given that the island country offers far slower mobile network speeds compared to its neighbors, our new app shows signal strength and is equipped with a technology that enhances speeds of the app and transactions,” a Shinhan Bank official said.
“In addition, users of the app do not need to possess virtual one-time password (OTP) cards, because they can use smartphone-based m-OTP instead.”
The bank expects the new platform’s “widget transfer” feature will earn favorable reviews, because it enables users to transfer money by clicking an icon.
According to Shinhan, preferential exchange rates will also be applied automatically if users make transfers between Indonesian rupiah accounts and U.S. dollar accounts.
“With the release of SOL Indonesia, Shinhan Indonesia Bank, which was established four years ago, has been able to compete with local major banks in terms of digital capability,” Shinhan Indonesia Bank CEO Hwang Dae-geu said.