Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 115

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 115
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i) the banking and credit card branch network, (ii) sales agents, (iii) business partnerships and affiliations with vendors and (iv) digital platforms such as Shinhan SOL Pay.As of December 31, 2024,the branch network for our credit card operations consisted of 693 branches of Shinhan Bank and 44 card sales branches of Shinhan Card. The use of the established distribution network of Shinhan Bank is part of the group-wide cross-selling efforts of selling credit card products to existing banking customers. In 2024, the number of new cardholders acquired through our banking distribution network accounted for approximately 20.5% of the total number of new cardholders. We believe that the banking distribution network will continue to provide a stable andlow-costvenue for acquiring high-quality credit cardholders.The sales agents represented the most significant source of Shinhan Card’s new cardholders in 2024, and the number of new cardholders acquired through sales agents accounted for approximately 27.1% of the total number of Shinhan Card’s new cardholders in 2024. As of December 31, 2024, Shinhan Card had 885 sales agents, who were independent contractors. These sales agents assist prospective customers with the application process and customer service. Compensation of these sales agents is generally tied to the transaction volume of the customers introduced by them, and we believe this system helps to enhance profitability.As a way of acquiring new cardholders, Shinhan Card also has business partnership and affiliation arrangements with a number of vendors, including gas stations, major retailers, airlines and telecommunication and Internet service providers. Shinhan Card plans to continue to leverage its alliances with such vendors to attract new cardholders.71
As part of a group-wide initiative to streamline our operations and create a digital-friendly business platform, Shinhan Card has strategically expanded its digital platforms. In October 2021, Shinhan Card launched “Shinhan SOL Pay”, a mobile platform providing consolidated financial and non-financial services. In addition to providing traditional financial services such as payment, open banking and asset management as well as services provided through traditional customer service means such as call centers and website applications, Shinhan SOL Pay also offers a variety of non-financial content including entertainment, shopping, personal certificates and memberships in order to better provide customized financial services aimed at meeting the comprehensive needs of customers. In addition to providing traditional payment services, Shinhan SOL Pay utilizes digital technology such as AI and big data to provide personalized services tailored to individual users and integrated access across