Shinhan Card launches debit cards for foreign residents in S.Korea

South Korea's Shinhan Card said on Friday that it has launched two debit cards exclusively for foreign residents in the country: the SOL Global Check Card and the SOL GlobalU Check Card.

These debit cards were designed based on the spending habits of foreign customers who live in Korea.

They offer a cashback of up to 10,000 won ($7.60), with 10% cashback on postpaid public transportation (such as city buses and subways) and automatic payments for mobile phone bills.

The Shinhan Card SOL Global Check Card, aimed at customers in their 30s and older, provides cashback of up to 1,000 won (76 cents) per transaction (once per day, three times per month) for purchases at supermarkets, restaurants, hospitals, and pharmacies.

The SOL GlobalU Check Card, tailored for customers in their teens and 20s, offers up to 1,000 won cashback per transaction in categories like coffee shops, convenience stores, delivery apps and shopping. This cashback benefit applies when the previous month's spending exceeds 300,000 won ($228).

Meanwhile, Shinhan Card partnered with fintech company LordSystem to develop financial services for foreign tourists visiting South Korea.

The two companies plan to launch a new platform early next year, targeting short-term foreign tourists.

In addition to financial services like card issuance and overseas remittance, they will offer supplementary services, including mobile identity verification and tax refunds.

Write to Mi-Hyun Jo at mwise@hankyung.com