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

MoMo E-Wallet users simply send an application for a consumer loan to Shinhan Bank on their MoMo E-Wallet application and then wait for approval.

In particular, from now to December 31, consumer loans from Shinhan registered via MoMo E-Wallet will enjoy a 1 per cent discount on the annual interest rate.

The service simplifies the entire process from loan application, review and approval to disbursement, helping to significantly save time and energy. It is only offered to MoMo customers who have linked their MoMo E-Wallet to an account opened at one of 15 banks with which MoMo has an association.

“MoMo and Shinhan have jointly launched many services and utilities to customers,” said Mr. Shin Dong Min, CEO of Shinhan Bank in Vietnam. “A highlight service is money sent from South Korea being received via MoMo E-Wallet in Vietnam. And now we jointly offer consumer loan applications and disbursement through MoMo E-Wallet. We hope this will provide greater access to Shinhan’s consumer loans among customers in cities and provinces and give them more financial assistance.”

“This service is the result of our joint efforts to connect MoMo’s systems with Shinhan Bank, for the purpose of bringing customers the best experience,” said Mr. Nguyen Ba Diep, Vice Chairman of MoMo. “Information is promptly updated and help save time. MoMo and Shinhan Bank will continue the partnership to pioneer the introduction of new utility services and increase convenience.”

In Vietnam, MoMo is the first and only electronic wallet to partner with Shinhan Bank in loan application and disbursement services.

This is also the first time Vietnamese users have had the chance to experience a comprehensive financial solution on a mobile device.

Previously, in December 2017, Shinhan Bank was the first foreign bank to link directly with MoMo.

In April 2018, the two launched the “Send money from Korea and receive money at MoMo E-Wallet” service in Vietnam, which has received positive feedback from users and the market.