Hanwha Group, one of the largest business conglomerates in South Korea, inked a deal with global fintech company Dianrong in a bid to strengthen its financial technology capacity and to take the lead in the market at home and abroad.
Hanwha S&C's chief Kim Yong-wook and Dianrong's head Soul Htite met at the 63 Building in Seoul on Wednesday to sign a deal for setting up a joint venture, according to a Hanwha official on Friday.
The local company said the agreement came as Hanwha Life Insurance's digital team manager met with Soul Htite at the IT conference held in the U.S., and agreed to jointly push ahead with fintech business further.
During the signing event, both companies agreed to set up a joint venture early next year and to launch P2P loan marketplace service in the first half of next year.
Soul Htite said, "We are happy to find a partner, who can share the future of fintech in Korea, where the financial industry is fast changing through regulatory reforms."
