Exclusive strategic partnership signed between Standard Chartered Bank Korea and Samsung Card
- Industry leading client value proposition created by Standard Chartered Bank Korea and Samsung Card; collaborating in product development, brand and marketing, distribution and client relationship programs
- New co-brand credit cards and check cards will be introduced; bundled with best in class lifestyle card proposition and tailored banking solutions; supported by Standard Chartered Bank’s 360 Reward and Samsung Card’s Reward Platform
On 17 February, Standard Chartered Bank Korea CEO Park Jong Bok and Samsung Card CEO Won Gee Chan announced the signing of a strategic partnership on joint financial products / channel development, and collaborative marketing – the first of its kind between a bank and a credit card firm in the market.
Standard Chartered Bank Korea and Samsung Card plan to launch co-branded credit and check cards that combine the advanced global network of SCBK and market best credit card services of Samsung Card by mid April.
Since last year, the two organizations have agreed to collaborate in areas of fin-tech and innovative sales distribution outlets such as “Bank Shops”, and “Bank Desks” at Shinsegae Department Stores and E-mart stores, a strategic sales network built under the partnership between SCBK and Shinsegae last year. Here, they will offer alliance card products, as well as various financial products designed under the alliance, including loan products, deposits and investment products. They will also allow SCBK reward points and Samsung Card bonus points to be mutually transferrable. The two companies will also explore possibility of further collaboration outside of Korea.
SCBK will be able to leverage on the product capabilities, marketing experience, and Big Data of Samsung Card and to offer its customers more sophisticated and differentiated financial services while Samsung Card will be able to secure a stable channel to source new customers and overcome its sales limitations as a card-only business.
Standard Chartered Bank Korea CEO, Park Jong Bok, commented that, “the significance of the partnership lies in that it has become the spark that can make way for a new market through its cross-industry approach hopefully providing powerful stimulus in the currently depressed financial market” and added “the cross-industry alliance this year with Samsung Card following the partnership launched with Shinsegae last year will enable us to offer our customers with more unique and differentiated services.”
Samsung Card CEO, Won Gee Chan, said, “we have built a foundation that can create synergy that is innovative and which will set us apart from others, leveraging our unique differences brought together by the strategic alliance of the two parties” and “we plan to work closely together to expand the product and service portfolio to deliver pragmatic solutions that our customers can enjoy..”
For further information, please contact:
Ki Hoon Choi
Head of Corporate Affairs and Brand & Marketing
Standard Chartered Bank Korea
+82 2 3700 5939
kihoon.choi@sc.com