Shinhan Bank is joining hands with Kia to provide Banking as a Service-based platform financial support for Kia Auto Q and sales dealerships nationwide.

Shinhan Bank said on May 12 that it signed an agreement with Kia on May 11 at Kia360 in Apgujeong-dong, Gangnam-gu, Seoul, to expand financial support for Kia Auto Q and sales dealerships, and will launch a BaaS platform-based loan product.

The agreement was designed to build digital financial infrastructure so Kia Auto Q outlets and sales dealerships nationwide can receive financial support quickly and conveniently.

The two sides will use Shinhan Bank’s BaaS platform to link financial and non-financial data and provide tailored financial services based on that.

The platform loan product simplifies existing offline-centered loan procedures and introduces a screening system linked to sales data from Kia Auto Q outlets and dealerships.

It will also match each Kia Auto Q outlet and dealership with a nearby branch on a one-to-one basis to provide on-site financial support. Each branch is expected to support a range of financial solutions, including loan consultations as well as fund management and deposits needed for business operations.

A Shinhan Bank official said this would help improve financial convenience across Kia’s sales network. The official added the bank will continue expanding BaaS-based platform finance to various industries to provide financial services that help customers and companies grow together.