Shinhan Bank and Shinhan Card Sign Mutual Growth Financial MOU with Seobuk, Operator of "Photoism"

On the 29th, Shinhan Bank announced that it had signed a three-party business agreement with Seobuk, which operates the leading self-service photo studio brand "Photoism" in Korea, and Shinhan Card to introduce a card payment system for franchisee supply payments and to provide mutual growth financial support.

On the 27th, at the Shinhan Bank headquarters in Jung-gu, Seoul, during the business agreement ceremony among Seobuk, Shinhan Bank, and Shinhan Card, (from the right) Lee Seungmok, Head of Customer Solutions Group at Shinhan Bank, Kim Minseok, CEO of Seobuk Co., Ltd., and Park Haechang, Head of Strategic Business Group at Shinhan Card, are posing for a commemorative photo. Provided by Shinhan Bank

This agreement was established to support Photoism franchisees, who are facing increased financial management burdens due to high interest rates and the economic slowdown, and to build a mutual growth financial system where both the franchisor and franchisees can grow together.

Under the agreement, the three companies will introduce a system that enables Photoism franchisees to pay supply costs, which were previously settled mainly in cash, with a dedicated card. This will allow franchisees to reduce the temporary cash outflows that occur during payment of supply costs and enhance their ability to utilize operating capital. Store operation stability and management efficiency are also expected to improve as a result.

Shinhan Bank and Shinhan Card also plan to provide a comprehensive solution that closely integrates their financial and payment infrastructure to support franchisees in overall business management, including fund operation and sales management.

A Shinhan Bank representative stated, "This is a mutual growth financial model in which the franchisor and financial institutions work together to genuinely ease the financial burden on franchisees," adding, "We will continue to expand financial solutions that support the management stability of small business owners and franchisees based on group synergies."

This content was produced with the assistance of AI translation services.