South Korea's Hana Financial Group Inc. and Japan's Sumitomo Mitsui Trust Holdings Inc. have agreed to expand their asset and trust management partnership, as well as jointly develop new digital businesses.

The new agreement expands the scope of collaboration into globalization, digitalization and asset management, Hana Financial said in a press release. The two companies are also looking to work together in infrastructure and aviation financing globally and exchange human resources.

In addition, Sumitomo Mitsui Trust will help launch Hana Financial's global loyalty network digital platform in Japan in 2019.

Hana Financial and Sumitomo Mitsui Trust had signed their first agreement in December 2014 to cooperate in investment banking. They further expanded the agreement in 2018 when they agreed to work together in financial technology and real estate investment management.