South Korea’s Shinhan Bank has been awarded an advanced bank-readiness certification from global financial messaging provider Swift.
In response to ongoing corporate needs to communicate with its banks in a globally standardized and streamlined method, Shinhan Bank recently enhanced its technical capabilities to serve corporates over the Swift platform.
This was a significant milestone for the bank as it can now effectively compete with its global and regional peers to win more corporate relationships while addressing its cash management needs in a cost-effective way, Swift says in a statement.
Bu Ki Park, General Manager, Shinhan Bank, stresses the importance of the Swift bank-readiness certification for all banks,"Corporates need to work with a bank that has the experience, expertise and value- added functionality that will help enable them to achieve their cash and liquidity management goals. These criteria should be paramount when corporates fine-tune their banking relationship selection process. We believe it is essential to implement Swift's best practices as this reinforces our leading position in the Asia Pacific region."
Shinhan Bank has recently announced its plans to expand the business regionally and globally, marking its debut presence in Mexico, Australia, the Philippines, and Dubai, in response to its growing base of international corporate clients. The Korean bank, which currently already has 15 existing branches, has turned to Swift for its line of products and services which can help it improve cash management service for its corporate clients.
SWIFT offers a wide range of products and services for multi-banked corporates, including: Liquidity Management, Cash/Payment Management, Treasury Management, Trade & Supply Chain Finance, and Equity/Commodities Management. By connecting to SWIFT, corporates can enjoy global visibility on cash and trade, lower cost of financial transactions, and improved security and reliability.
It operates in Asia Pacific for over 30 years and currently has nine offices across the region, including, Hong Kong, Singapore, Kuala Lumpur, Seoul, Tokyo, Sydney, Beijing, Shanghai, and Mumbai.
