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Shinhan Bank partners with MoMo E-Wallet to offer consumer loan service

Publish date: 02 November 2018
Author: Shinhan Bank Vietnam

Shinhan Bank Vietnam officially partners with MoMo E-Wallet (an affiliate of M_Service) to offer “Introduce and receive consumer loan from Shinhan Bank on MoMo E-Wallet” service.

With this service, MoMo E-Wallet users can simply send their request for consumer loan from Shinhan Bank on their MoMo E-Wallet application, wait for approval from Shinhan Bank and then get notice on the approved loan right on their MoMo E-Wallet. Especially, from now until 31st December 2018, consumer loan from Shinhan, if registered through MoMo E-Wallet, will be enjoyed 1% discount on annual interest rate.

To use this service, you simply select “Shinhan - Consumer Loan” function on the MoMo application and follow the instructions. Shinhan Bank staff will contact with you in two (02) business days to verify the registered information and process your loan request. After the loan request is approved, the amount disbursed to your account will be sent to your MoMo E-Wallet but cannot exceed the maximum balance allowed on MoMo E-Wallet, i.e. VND 50,000,000. You can immediately spend this credit for your transactions and shopping with your MoMo E-Wallet as usual.

This service simplifies the whole process, from loan registration, review and approval to disbursement, help to significantly save your time and energy. The service is only offered to MoMo customers who have linked their MoMo E-Wallet to account opened at one of fifteen banks having association with MoMo EWallet.

Mr. Shin Dong Min, CEO of Shinhan Bank in Vietnam, said about this service: “MoMo and Shinhan have jointly launched many services and utilities to customers. A highlight service is sending money from Korea - receiving money through MoMo E-Wallet in Vietnam. And now, we jointly to offer consumer loan registration and disbursement through MoMo E-Wallet. We hope that this new service will offer more access to customers in provinces and cities to Shinhan's consumer loan and give them more financial assistances thanks to technology”.

Mr. Nguyen Ba Diep, Vice Chairman of MoMo, also emphasized: “This service is the result of our jointly efforts to connect MoMo systems and Shinhan Bank with purpose to bring customers the best experiences. Thanks to this service, information is promptly updated and help you to save time. In the coming time, MoMo and Shinhan Bank will continue our partnership to pioneer in launching new utility services and increase convenience to users”.

In Vietnam, MoMo is the first and only electronic wallet partnered with Shinhan Bank to launch loan registration and disbursement service. This is also the first time the Vietnamese users have chance to experience a comprehensive financial solution on mobile device. Now you can apply for loans, receive disbursement quickly and spend your credit for hundreds of services, which are all in one available on your electronic wallet. Before, in December 2017, Shinhan Bank was the first foreign bank to link directly with MoMo. In April 2018, MoMo and Shinhan Bank launched a service “Send money from Korea and receive money at MoMo E-Wallet” in Vietnam. This service has got positive feedback from the users and the market.