Shinhan Card Expands Overseas Data Sales Market... Strategic MOU Agreement with Visa

Activation of Consulting Business and Data Solution Development
Providing Disaster Relief Fund Data to ADB, First for Overseas Organizations

Shinhan Card and Visa announced on the 22nd that they held a business agreement ceremony to promote the data business. Considering the COVID-19 situation, the ceremony was held in an untact manner. At the ceremony, Lim Young-jin, President of Shinhan Card (right), and Chris Clark, Head of Visa Asia Pacific (left), are taking a commemorative photo.

[Asia Economy Reporter Ki Ha-young] Shinhan Card, which is promoting the activation of its data consulting business, is expanding its data sales market beyond Korea to overseas.

On the 22nd, Shinhan Card announced that it signed a strategic memorandum of understanding (MOU) related to data business with Visa, the world's largest global payment network company. Considering the COVID-19 situation, the signing ceremony was held the previous day in an untact manner through a video conference between Lim Young-jin, President of Shinhan Card, and Chris Clark, Head of Visa Asia Pacific.

Through this agreement between domestic and overseas payment data holders, Shinhan Card and Visa plan to promote data-based consulting businesses targeting government agencies and leading domestic and international companies based on their excellent data analysis capabilities and information. They will also jointly develop data solutions such as global payment and consumption trend monitoring, making efforts to advance the domestic data industry and discover new growth engines.

In addition, Shinhan Card will sign its first data supply contract this month with the Asian Development Bank (ADB) and overseas financial institutions. The data will be used to measure the effectiveness of disaster relief funds by country in national crisis situations.

Shinhan Card has carried out over 300 data projects for more than 130 institutions and companies with the goal of "creating social big data value where citizens, public institutions, and private companies coexist." Through strategic cooperation with Visa, Shinhan Card expects its data competitiveness in the global market to be further strengthened.

President Lim said, "The strategic MOU agreement with Visa and the data sales contract with ADB mark the first starting point for Shinhan Card's entry into the global data market and signify growing interest in data-based analysis of the domestic market overseas." He added, "In connection with Shinhan Financial Group's N.E.O. project, we will continuously strive to strengthen Shinhan Card's data business competitiveness and contribute to revitalizing the domestic and international data economy as part of the government's New Deal policy."

Chris Clark said, "Visa, which processes over 200 billion transactions annually, has world-class capabilities in payment data analysis. Visa's data consulting services provide expert advice on innovative product service development and commercialization processes to government agencies and companies facing various challenges such as COVID-19."

Patrick Yoon, President of Visa Korea, said, "Data consulting, one of our core business areas, holds great significance in conjunction with the government's data New Deal policy announcement and the enforcement of the Data 3 Act. Through joint efforts with Shinhan Card, we will support the meaningful utilization of Visa's data analysis know-how in Korea."

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