Shinhan Bank Partners with LG U+ and CJ OliveNetworks for Big Data Business

At the 'MOU Signing Ceremony for Big Data Collaboration in Telecommunications, Finance, and Distribution' held on the 18th at LG Science Park in Gangseo-gu, Seoul, Lee Myung-gu, Vice President of Shinhan Bank (center), Lee Sang-min, Vice President of LG Uplus (left), and Nam Byung-soo, Executive Director of CJ OliveNetworks (right) are posing for a commemorative photo.

[Asia Economy Reporter Kim Hyo-jin] Shinhan Bank announced on the 21st that it signed a business agreement with LG Uplus and CJ OliveNetworks at LG Science Park in Gangseo-gu, Seoul, to jointly promote big data projects.

At the business agreement ceremony held on the 18th, the three companies agreed to create more valuable data through data fusion and to proactively respond together to new markets. The three companies plan to collaborate on ▲big data sharing and fusion data development ▲joint marketing using fusion data ▲promotion of new data businesses.

As the first outcome of the big data collaboration, the three companies will release the 'Seoul Commercial District Resident Consumption Tendency Data.' By utilizing this data, it is possible to cluster similar commercial districts and profile residents of specific commercial districts. It allows multifaceted analysis of the consumption tendencies of residents in those districts, making it meaningfully applicable to the analysis of 'Golmok Commercial Districts' centered on residents by region.

In addition to the 'Seoul Commercial District Resident Consumption Tendency Data,' the fusion data developed by the three companies will be traded through the Financial Data Exchange and the Korea Data Industry Promotion Agency Data Store.

Lee Myung-gu, Vice President of Shinhan Bank, who attended the agreement ceremony, said, "By combining each company's data, we expect to provide new information to consumers and develop collaborative business models. We will work together to create meaningful data in line with changing trends, such as the recent surge in online purchases due to COVID-19."

Lee Sang-min, Vice President and Head of the FC Division at LG Uplus, said, "Leading companies in telecommunications, finance, and lifestyle culture are coming together to focus on the common value of 'customers' and develop new big data businesses. We will do our best to discover competitive new businesses by leveraging the synergy of telecommunications data, which has strengths in customer movement paths, maps and traffic information, and content usage behavior, along with financial and distribution data."

This content was produced with the assistance of AI translation services.