Shinhan Card Provides Big Data for Social Security Policy Research

Shinhan Card, Ministry of Health and Welfare, and Korea Institute for Health and Social Affairs Sign Tripartite MOU
Plan to Utilize Shinhan Card Household Consumption Big Data for Social Security Policy Improvement Research
Joint Analysis of Policy Effects on Childcare Coupon Program

Shinhan Card announced on the 14th that it has signed a Memorandum of Understanding (MOU) with the Ministry of Health and Welfare and the Korea Institute for Health and Social Affairs to strengthen data-driven social security policy analysis. (From left) Lim Young-jin, President of Shinhan Card; Park Neung-hoo, Minister of Health and Welfare; and Cho Heung-sik, President of the Korea Institute for Health and Social Affairs, are taking a commemorative photo after signing the MOU at the Westin Chosun Hotel in Jung-gu, Seoul.

[Asia Economy Reporter Ki Ha-young] Shinhan Card is conducting big data research to improve social security policies in collaboration with the Ministry of Health and Welfare and the Korea Institute for Health and Social Affairs. This is the first case since the implementation of the Data 3 Act involving government ministries, national research institutes, and private financial institutions.

On the 14th, Shinhan Card announced that it signed a Memorandum of Understanding (MOU) with the Ministry of Health and Welfare and the Korea Institute for Health and Social Affairs to strengthen data-driven social security policy analysis. The signing ceremony took place at the Westin Chosun Hotel in Jung-gu, Seoul, attended by Park Neung-hoo, Minister of Health and Welfare, Lim Young-jin, President of Shinhan Card, Cho Heung-sik, President of the Korea Institute for Health and Social Affairs, and other officials.

Through this agreement, the Ministry of Health and Welfare will combine accumulated public sector data with household consumption big data held by Shinhan Card to enable a more multidimensional analysis of social security policies. Research aimed at improving the actual quality of life for vulnerable groups, such as consumption patterns of single-person households and households with disabilities, and sales changes of small self-employed businesses, which are difficult to analyze with only public data, will become possible. Furthermore, beyond simple analyses of changes in consumption expenditure, it is expected that the effects of social security policies according to various variables such as income level, consumption scale, occupation, age, and region will be quickly and accurately identified, allowing for more effective improvements in social policies.

Initially, the effectiveness of the child care coupon payment policy implemented to overcome the COVID-19 crisis will be analyzed and expanded to various social security policy analyses. If the practical effects are verified through joint research, the scope of research will be extended to other public sectors such as social welfare, medical care, and health.

In the future, each institution plans to work together to operate a working-level consultative body, study big data utilization methods, and foster experts in big data analysis.

President Lim said, "This agreement is significant in that the household consumption big data held by Shinhan Card will be utilized for the advancement of social security policy research in Korea. We will continuously strive to contribute to the activation of the data economy in line with the N.E.O project pursued by Shinhan Financial Group and the government's New Deal policy, as well as cooperating to overcome the national disaster crisis caused by COVID-19."

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