Shinhan Card CEO Moon Dong-kwon (right) and Momina Aijazuddin, principal investment officer at IFC's Financial Institution Group, pose for photos during a signing event for the new funding on Tuesday. (Shinhan Card)

Shihan Finance, Shinhan Card’s subsidiary in Kazakhstan, has secured a $60 million investment from the International Finance Corporation, the Korean car issuers under Shinhan Financial Group said Wednesday.

The latest funding is the first of its kind announced since Shinhan Financial Group and the IFC signed a memorandum of understanding in May this year to cooperate in environmental, social and governance projects.

Of the $60 million, some $20 million will be used first to fund the company’s auto finance business and launch new financial products supporting smaller businesses owned by local women.

Shinhan Card said the IFC has acknowledged the potential of its auto finance business as well as its social contribution efforts.

Established in November 2014, Shinhan Finance is the first overseas subsidiary of Shinhan Card. The local unit has been focusing on microfinance products such as auto loans and credit loans in three major Kazak cities of Almaty, Astana and Shymkent. Currently, it is one of the top five microfinance firms in the country.