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COSMO – Shinhan Bank Signing Business Agreement for Primary Banking (Oct 27, 2021)
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- 2021-10-28
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□ To achieve carbon neutrality for the first time in the world, the Container Deposit System Management Organization, referred to as COSMO (Chair Jeong Bok-young), and Shinhan Bank (President Jin Ok-dong) signed a business agreement to select a dedicated bank for the operation of the Disposable Cup Deposit System and to collaborate on any related businesses.
○ Last June, COSMO selected Shinhan Bank as its primary bank until 2026. Through the business agreement between the two organizations’ heads, they agreed to collaborate on all the financial tasks related to the deposit system.
□ Starting from June 10, 2022, the Disposable Cup Deposit System imposes a certain amount of deposit on a disposable cup when ordering a beverage from coffee shops, fast food restaurants, and other vendors. When returning the used cup, the deposit is refunded.
○ To successfully operate the Disposable Cup Deposit System, the deposit must be paid and refunded conveniently and accurately for the beverage purchase and cup return.
□ COSMO has selected Shinhan Bank as its primary bank to operate and manage consumers’ deposits transparently and systematically, based on Shinhan Bank’s experience and know-how in establishing a fund management system for a public institution and its sense of responsibility for environmental conservation and ESG.
○ Shinhan Bank has formed a task force for the Disposable Cup Deposit System and is working with COSMO to prepare for the project. In particular, they plan to support the development of the “consumer-only deposit app” and incorporate the same function into Shinhan SOL to enable the convenient purchase, return, and use of disposable cups.
○ Shinhan Bank will also handle all financial tasks related to the deposit, including payment, management, settlement, and provision of payment methods for the fees incurred in the collection and conveyance of disposable cups.
□ Chair Jeong Bok-young of COSMO said, “Many countries in Europe and elsewhere are closely watching the first-ever Disposable Cup Deposit System in the world,” and urged for complete preparation to ensure flawless operation of the financial system once the deposit system is implemented.
○ President Jin Ok-dong of Shinhan Bank said, “This is a meaningful project in which the whole country participates to achieve the core values of the era, environmental conservation, and a carbon-neutral society,”and promised to do their best to establish a circular economy paradigm through a stable deposit platform.
○ Last June, COSMO selected Shinhan Bank as its primary bank until 2026. Through the business agreement between the two organizations’ heads, they agreed to collaborate on all the financial tasks related to the deposit system.
□ Starting from June 10, 2022, the Disposable Cup Deposit System imposes a certain amount of deposit on a disposable cup when ordering a beverage from coffee shops, fast food restaurants, and other vendors. When returning the used cup, the deposit is refunded.
○ To successfully operate the Disposable Cup Deposit System, the deposit must be paid and refunded conveniently and accurately for the beverage purchase and cup return.
□ COSMO has selected Shinhan Bank as its primary bank to operate and manage consumers’ deposits transparently and systematically, based on Shinhan Bank’s experience and know-how in establishing a fund management system for a public institution and its sense of responsibility for environmental conservation and ESG.
○ Shinhan Bank has formed a task force for the Disposable Cup Deposit System and is working with COSMO to prepare for the project. In particular, they plan to support the development of the “consumer-only deposit app” and incorporate the same function into Shinhan SOL to enable the convenient purchase, return, and use of disposable cups.
○ Shinhan Bank will also handle all financial tasks related to the deposit, including payment, management, settlement, and provision of payment methods for the fees incurred in the collection and conveyance of disposable cups.
□ Chair Jeong Bok-young of COSMO said, “Many countries in Europe and elsewhere are closely watching the first-ever Disposable Cup Deposit System in the world,” and urged for complete preparation to ensure flawless operation of the financial system once the deposit system is implemented.
○ President Jin Ok-dong of Shinhan Bank said, “This is a meaningful project in which the whole country participates to achieve the core values of the era, environmental conservation, and a carbon-neutral society,”and promised to do their best to establish a circular economy paradigm through a stable deposit platform.