Shinhan Indo Finance was established in December 2015 as a joint venture between Shinhan Card and the Indomobil Group, a subsidiary of Indonesia’s prominent Salim Group.

With Shinhan Card holding a 50% + 1 share stake, it secured management rights and began operations. In December 2016, it became the first Korean credit card company to obtain a credit card license in Indonesia, launching its credit card business in January 2017.

By the end of 2022, Shinhan Card increased its stake to 76.33% through independent investment. Shinhan Indo Finance has since grown into a leading mid-sized multi-finance company in Indonesia, driven by successful partnerships with popular commercial vehicle and heavy equipment brands such as HINO and VOLVO.

The company plans to expand into the retail business, aiming to transform into a comprehensive financial services provider.