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StanChart, Samsung forms partnership firm

Standard Chartered Bank Korea is collaborating with Samsung Card Co, credit card unit of Samsung Group to form a partnership for joint operations in South Korea. The two entities said the agreement would allow them to cooperate on developing products, share sales network and collaborate on marketing schemes. Under the deal, the two companies aim to roll out credit and debit cards they will develop together in mid-April. They also plan to sell various fintech products like mobile credit cards and mobile loans at a booth at Shinsegae Department Store and E-Mart that SC Bank Korea set up in partnership with Korean retail giant Shinsegae. The card issuer and the bank will also likely issue credit cards they design together later through Standard Chartered’s worldwide branches, which could help reinforce their businesses abroad.

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