[Photo] Korean duty free shops team up with Chinese banks to lure in Chinese customers

The Shinsegae Group’s duty free arm has partnered up with China’s Industrial Bank Co. to draw in more Chinese consumers. Shinsegae and the Industrial Bank Co. created the Discovery Shinsegae credit card, which provide various incentives and rewards to Chinese travelers in South Korea, including 20% discounts at Shinsegae duty free shops and access to VIP lounges. This marks the first instance of a Chinese financial institution pairing up with a Korean retailer to make a credit card. Shinsegae hope the partnership will help boost Chinese consumption in South Korea, which has been lagging since the geopolitical dispute over South Korea’s deployment of the THAAD missile defense system in 2016.