South Korea insightsWhile things are quiet, on our end, at this time, I thought I'd highlight a couple of interesting South Korea-based developments which may contribute to DM's land-and-expand strategy over the coming months/years. The short of it is that I think there will be interesting developments with Sinhan Fin Group over the coming quarters but, shorter-term, I increasingly expect the EV announcements MG has been alluding to will be with Lotte Group and, by extension Hyundai. If so, DM would have inroads into South Korea's 5 largest groups (Samsung, SK Group, Hyundai, LG and Lotte) - noting that DM currently conducts business with Samsung, LG and Lotte. You have to like this land-and-epand strategy :-)
Fintech Nov 14, 2018.
SK Group and
Shinhan Financial Group Join Hands to Create Social Values (https://english.etnews.com/20181114200003). SK Group and Shinhan Financial Group are joining hands to create an ecosystem for creating social values and to vitalize social finance. Shinhan Financial Group is going to select candidates and help these social companies to grow.
Oct 29 2021.
Shinhan Financial Group (Shinhan FG), which is
considered the most aggressive in the digital transformation effort in the financial sector, has set up a TODP (Total Open Digital Platform) promotion team to find contents encompassing finance and non-finance area and is speeding up its digital transformation by creating a ‘digital innovation lab’ within 20 business groups earlier this year. The leadership of Shinhan FG is also
eager to innovate using new technologies such as blockchain and artificial intelligence, so Shinhan FG is
engaged in various activities such as building a blockchain-based policy loan platform or establishing Shinhan AI, an artificial intelligence-based investment advisory company. (https://medium.com/geekculture/dunamu-inc-s-4d86c618450e).
Apr.28,2022.
SK Group has replaced Hyundai Motor Group as the second-largest business conglomerate in South Korea (https://english.hani.co.kr/arti/english_edition/e_business/1040816.html). The ranking among South Korea’s top five conglomerates had previously remained unchanged ever since the five chaebol groups became the country’s Big Five conglomerates. This year,
Samsung Group remained at the top of the list, while
LG Group and
Lotte Group also maintained their place as the fourth- and fifth-largest business conglomerates in South Korea, respectively.
May 2022.
Shinhan strengthens ties with
SK (https://www.koreatimes.co.kr/www/biz/2022/05/126_294068.html). Shinhan Financial Group and SK Group are enhancing their ties in various fields. On Thursday,
Shinhan Card and
SK Telecom signed a memorandum of understanding for their strategic alliance in
big data business. They agreed to share their data to create higher value-added data in line with the government's move to boost the "data economy" which is one of the key projects of the Moon Jae-in administration's "Digital New Deal" drive.
EV Apr 21, 2022.
Hyundai (and
Lotte) to expand Ultra Fast Charger network with partners (https://www.electrive.com/2022/04/21/hyundai-to-expand-ultra-fast-charger-network-with-partners/). Hyundai has announced teaming up with retail giant Lotte Group and KB Asset Management to expand ultra-rapid charging infrastructure in Korea. Their business model includes leasing high power charging stations to private operators to add 5,000 ultra-fast chargers (UFC) by 2025. Lotte Group, too will provide its retail facilities such as department stores and shopping malls in major cities as locations to install the new EV chargers.
For the Group, it is a further array into e-mobility. Its subsidiary Lotte Rental joined South Korea’s largest car-sharing provider Socar in March and acquired startup 42dot, which is working on autonomous driving, in 2021. Subsidiary Lotte Data Communication acquired Joongang Control, the country’s second-largest manufacturer of charging systems for electric vehicles, in 2021.
11 May 2022. Car Rental Firms Enjoy Boom Thanks to New Car Delivery Delays (https://koreabizwire.com/car-rental-firms-enjoy-boom-thanks-to-new-car-delivery-delays/218345).
Lotte Rental Co., is the No. 1 player in the nation’s car rental market, whileThe industry’s No. 2 player, SK Rent A Car Co.
These are only two areas where DM has stuck its foot in the door. Given the large number of subsidiaries the Top 5 South Korean groups are involved in, the sky is the limit for DM.