Shinhan Bank and Naver Pay Introduce Financial Solutions for Small Business Owners

Shinhan Bank has unveiled the "Naver Pay Biz Shinhan Package," a specialized suite of financial services designed to empower small business owners. This new offering is exclusively available on the Naver Pay "Npay Biz" platform and aims to streamline business and financial management for entrepreneurs operating in Korea’s rapidly evolving digital economy.

Simplifying Operations With Npay Biz Integration

The Npay Biz platform, formerly known as Npay My Biz, serves as a comprehensive hub for small business operations, combining tools like Naver Smart Store, Smart Place, Naver Pay, and advertising services. With approximately 3.5 million businesses already utilizing this ecosystem, the platform supports a wide range of functions including sales management, advertising, reservations, and payment handling—all accessible in one centralized interface. This integration ensures small business owners can efficiently oversee their operations without juggling disparate systems.

Shinhan Bank’s All-In-One Financial Services

The "Naver Pay Biz Shinhan Package" delivers a suite of banking solutions tailored to the needs of entrepreneurs. Core features include:

• Settlement Accounts: Dedicated banking accounts designed for streamlined transactions.
• Business Loans: Accessible credit options with flexible configurations.
• Credit Cards: Cashback rewards tailored to business spending needs.
• Dedicated Financial Support: Specialized services for business-focused banking.

By integrating these services directly into the Npay Biz platform, users can seamlessly manage their finances alongside their business’s day-to-day operations.

High-Yield Settlement Account for Business Owners

The "Npay Biz Shinhan Account" is at the heart of this package, offering a standout interest rate of up to 2.3% regardless of the account balance. To qualify for these benefits, users must designate the account as their primary settlement account and link it to the "Npay Biz Shinhan Card." Additionally, the account links directly to the Npay Biz platform, enabling business owners to monitor transaction details and process transfers without logging into Shinhan Bank’s separate application.

This integration simplifies financial management and ensures business owners can focus on growth while enjoying competitive banking solutions.

Flexible Business Loan Solutions

The "Npay Biz Shinhan Loan" caters specifically to small business owners, including those with limited operating histories, making financing more accessible. This loan product leverages Npay’s proprietary credit evaluation system, the "Npay Score," to determine favorable interest rates and lending limits. For added flexibility, borrowers can configure the loan as a revolving credit line when linked to the Npay Biz Shinhan Account. These features aim to accommodate entrepreneurs’ dynamic needs, offering adaptable financial support during various stages of business growth.

Rewarding Spend With Npay Biz Shinhan Card

The "Npay Biz Shinhan Card" is designed to incentivize spending by providing up to 1.5% cashback in the form of Npay points. Unlike traditional cashback offers, there are no monthly spending thresholds, and rewards can be earned for both domestic and international transactions. Npay points accrued through the card enhance usability and provide additional savings opportunities for business owners.

Driving Innovation in Financial Services

A Shinhan Bank representative emphasized the significance of this collaboration, stating, “As an institution recognized by the Financial Services Commission for delivering innovative financial services, we partnered with Npay to launch a solution that lets small business owners manage their operations and finances seamlessly. Our goal is to continue expanding consumer-centered financial services designed specifically for small businesses.”

This partnership between Shinhan Bank and Naver Pay highlights a forward-thinking approach to supporting entrepreneurs. By combining digital banking with operational tools, the two organizations aim to redefine financial services for small businesses. With features focused on efficiency, accessibility, and rewards, the "Naver Pay Biz Shinhan Package" sets a new standard for empowering Korea’s growing community of entrepreneurs.