[Shinhan Bank]
[Shinhan Bank]

Shinhan Bank announced Monday it will launch a same-day ETF trading service for retirement pension accounts.

Previously, customers had to wait for settlement after selling an ETF before reinvesting the proceeds. Under the new service, customers can use the sale proceeds to buy a different ETF on the same day. Sale transaction results are reflected in account balances within two to 10 minutes by system standards.

The service is available to customers with defined contribution and individual retirement pension accounts. The bank expects the change to ease the difficulty retirement pension customers faced in responding quickly to market movements due to the settlement lag on ETF sale proceeds.

Shinhan Bank also introduced a "continuous trading" feature — the first of its kind among domestic banks — that links the selling and buying process. After selling an ETF, customers can immediately proceed to buy another product without navigating to a separate menu.

The service also supports cross-product trading between ETFs and other retirement pension products such as deposits, funds and target-date funds. Customers can switch deposits, funds or TDFs into ETFs, or convert ETFs into other retirement pension products, to adjust their portfolios.

Starting this month, Shinhan Bank has also been offering real-time price and key information lookups for ETFs of interest through its Shinhan Super SOL app. Customers can now check ETF information, change products and confirm transaction results all in one place.

"We have improved the trading process so that retirement pension customers can change products more quickly and conveniently in line with market conditions and their investment judgment," a Shinhan Bank official said. "We will continue to introduce differentiated products and digital services to support customers in managing their pension assets."

Meanwhile, Shinhan Bank's retirement pension reserves stood at 58.89 trillion won ($42.6 billion) as of the end of the second quarter this year, ranking first among all retirement pension providers.


forest@heraldcorp.com