Shinhan Bank has introduced a service that allows customers to buy another exchange-traded fund (ETF) on the same day they sell an ETF in a retirement pension account. It lets customers invest in new products without waiting for settlement of sale proceeds, improving transaction convenience for retirement pension clients.

Shinhan Bank said on Sept. 21 it will roll out a "retirement pension same-day ETF trading service" for defined contribution (DC) and individual retirement pension (IRP) customers.

The service allows customers to sell an ETF they hold and use the proceeds to buy another ETF on the same day. The result of the ETF sale execution is reflected in the account balance in as little as 2 minutes and up to 10 minutes, based on the system.

Shinhan Bank also applied, for the first time in the banking sector, a "continue trading" function that links the ETF sale and purchase process. Customers can move to the next purchase step after selling an ETF without having to search for a separate menu again.

It also supports switching among other retirement pension products, including deposits, funds and target date funds (TDFs), in addition to ETFs. Customers can switch from deposits, funds and TDFs to ETFs, or from ETFs to other products, allowing them to adjust portfolios based on investment judgments.

Since this month, it has also provided a service on Shinhan Super SOL that lets users check prices and key information on ETFs of interest in real time. It expanded the digital trading environment so users can access everything from checking ETF information to changing products and confirming transaction results.

Shinhan Bank recorded 58.8888 trillion won in retirement pension reserves as of the end of the second quarter this year. The bank said it is the largest amount among all retirement pension providers.

A Shinhan Bank official said the bank improved trading procedures so retirement pension customers can change products more quickly and conveniently in line with market conditions and investment judgments. The official said the bank will continue expanding products and digital services to support customers' management of pension assets.