Shinhan Card, the leading card company in South Korea, has expanded its presence in Kazakhstan's auto finance market by forming a joint venture with Aster Auto, the country's top seller of used cars. The joint venture, announced by Shinhan Finance, the Kazakh unit of Shinhan Card, is the result of a plan unveiled in December to establish a collaborative corporation. As part of this plan, Aster Auto will invest approximately 31 billion won ($22.8 million) in Shinhan Finance over the next five years to acquire a 49.9 percent stake in the joint entity. This partnership builds on the existing relationship between Shinhan Card and Aster Auto, which began in October 2021, and aims to utilize Aster's network of 26 stores to enhance local sales and develop specialized products through regional partnerships. In addition to the joint venture with Aster Auto, Shinhan Finance has also announced a new partnership with Astana Motors, the leading automobile sales firm in Kazakhstan. This collaboration will involve joint efforts in areas such as the development of automobile loan products, technological cooperation, and joint marketing. By leveraging Astana Motors' market dominance and extensive network, Shinhan Finance aims to strengthen its position in Kazakhstan's auto finance market, particularly focusing on Hyundai Motors, a prominent brand among its sales, to maximize the benefits of the new partnership and offer tailored finance services for local customers. Established in 2014 as Shinhan Card's first overseas corporation, Shinhan Finance has become the fifth-largest microfinance provider in Kazakhstan, with a focus on car loans and credit loans. This year, the company has achieved record-high earnings in the second quarter, with accumulated assets reaching 172.8 billion won and capital handled amounting to 65.9 billion won. CEO Moon Dong-kwon visited Almaty to attend the partnership signing ceremony with Astana Motors and the inaugural ceremony for the joint venture with Aster Auto.