iM Bank has launched its first card collaboration product since converting into a commercial bank, as it moves to expand its customer base nationwide. It is seeking to strengthen payment-based rewards and account-linked services through a partnership with a card issuer.

iM Bank said on Wednesday it launched the 'iM Bank-Hyundai Card M' in cooperation with Hyundai Card. The product was planned as part of a brand expansion strategy after the conversion into a commercial bank, to broaden nationwide customer touchpoints mainly through non-face-to-face channels.

The card provides M Point rewards worth 1.5 percent of spending at all merchants in South Korea and overseas, with no accrual limit. Special rewards of up to 5 percent apply at online, shopping, dining and overseas merchants. Accrued points can be used at a range of merchants including fuel, dining and shopping.

It also includes an 'emergency accrual' feature that provides points in advance, up to 500,000 points. Customers can use the advanced points first and repay them later based on spending performance.

The product is issued only through non-face-to-face channels via the iM Bank app and the iM Shop app. To mark the launch, it is also running an event offering 50,000 won in cashback to customers who meet certain conditions until May 31.

The two companies also plan to pursue additional joint products and service development based on the partnership.

Kang Jung-hoon (강정훈), head of iM Bank, said, "We want to expand differentiated financial services as a turning point with the conversion into a commercial bank." He added, "Starting with our collaboration with Hyundai Card, we will continue to create new customer-centred financial value."