Shinhan Bank tops the technology finance list
The Financial Services Commission (FSC) says Shinhan Bank has topped the list of the government's innovation index for its leadership in the technology finance sector, following its handling of some $5.89m of technology finance for 1H2015. Shinhan Bank says its new management, led by CEO Cho Yong-byoung, has been key to its strong drive for a technology-based financial management.
By Lee Min-hyung



Shinhan Bank has topped the list of the government's innovation index for its leadership in technology finance management, the financial regulator said Monday.



The Financial Services Commission (FSC) said Shinhan handled some 7.1 trillion won ($ 5.89 billion) for the technology finance sector during the first half of this year, leading the index for two consecutive years. The technology sector accounts for the biggest part in the innovation index.



The bank said it could outperform other lenders due to its strong drive for technology-based financial management.



The nation's leading lender cited that the company's new management philosophy set by bank chief Cho Yong-byoung has been key to earning the top position.



Cho, who took office in March, has picked "G.P.S. Speed-up" as the bank's methodology to keep its leading position in the innovation sector.



He stressed the importance of the G.P.S. ― which he refers to as globalization, platform and segmentation ― to meet various needs from customers and respond swiftly. Based on this, he urged the bank to speed up processes to be in line with the fast-changing banking environment.



"Shinhan has been expanding its investment to lead the innovative banking ecosystem by teaming up with the Korea Advanced Institute of Science and Technology," the bank said.



It said this is part of the bank's effort to train professional manpower for innovative finance.



For technology development, the bank has agreed to exchanging information with the Korea Institute of Science and Technology Information.



"We are sparing no effort to expand the scope of technology finance by signing partnerships with the nation's 21 educational bodies, including the Ministry of Education," the bank said.



To boost its effort to better manage human resources, the bank has set up its own educational system to establish the infrastructure for the innovative banking sector. The bank said it educated 1,100 people during the first half of the year.



