Shinhan Bank launches Smart Conversion Account to optimize idle cash in SOHO MMDA accounts

Amid growing demands for flexible cash management, optimizing idle cash has become a key requirement for individuals, sole proprietors, and private SMEs. Shinhan Bank has introduced the Smart Conversion Account, a financial automation solution designed to maximize returns on idle funds within the SOHO MMDA checking account while preserving transaction and spending flexibility.

2-in-1 solution for cash management

The Smart Conversion Account combines a checking component with the interest benefits of short-term deposits through automatic conversions. When this feature is activated in the Shinhan SOL Vietnam app, customers register a threshold balance in the checking account. Any balance above the threshold is automatically transferred daily into the Smart Conversion Account to earn interest on a monthly cycle. This mechanism helps ensure funds remain available for payments while optimizing idle cash without manual transfers.

Flexible withdrawal and transparent management

A key advantage is that customers can withdraw funds anytime. The system automatically reallocates money between accounts to maintain the threshold and maximize interest, supporting both liquidity needs and interest optimization.

Support for SMEs and private businesses

Shinhan also offers specialized financial solutions for SMEs and micro-businesses, including working capital loans and business investment loans with rates starting at 6.4% and 8.95%, respectively.

Broader SME financial ecosystem

In addition to the Smart Conversion Account, Shinhan Bank is building a comprehensive financial ecosystem for everyday SME operations. This includes POS payments, a cash flow management system (CMS), the SOHO MMDA account, Maximize Account, balance alerts (Ting Ting), and SME credit cards. The bank’s approach aims to support digitization and stronger financial management for local businesses.

Through ongoing diversification of products and improved service quality, Shinhan Bank is localizing its activities and supporting local economies, contributing to economic growth and lasting value for society.