Shinhan Bank Signs 'MyData Project' Agreement with CJ OliveNetworks and LG Uplus

Agreement to Promote Consumer-Driven Digital New Deal
Collaboration Among Three Companies to Aggregate Customer Data and Develop New Digital Services

At the 'MyData Joint Project' agreement ceremony held on the 17th at Shinhan Bank headquarters in Jung-gu, Seoul, Shinhan Bank President Jin Ok-dong (center), LG Uplus President Hwang Hyun-sik (left), and CJ OliveNetworks CEO Cha In-hyuk (right) are posing for a commemorative photo.

[Asia Economy Reporter Kangwook Cho] Shinhan Bank announced on the 18th that it has signed a business agreement for the 'MyData Joint Project' with CJ OliveNetworks and LG Uplus to enable consumers to exercise data sovereignty.

Through this agreement, Shinhan Bank plans to develop a platform where customers, the providers of information, can directly manage various data collected with their consent. Beyond financial-centered MyData services such as asset management and consumption management, the platform will also offer various customized lifestyle services including telecommunications, daily life, distribution, entertainment, and shopping.

In addition, the three companies will jointly pursue tasks such as ▲establishing a data joint collection and utilization system and conducting joint research on customer behavior through building big data networks and alliances ▲providing AI-based customized services such as machine learning through the development of a consumer-oriented platform and establishing a data consumer sovereignty management system ▲sharing digital marketing resources to discover and promote new data businesses.

In particular, a project team consisting of big data experts from each company will be operated to expedite business promotion, and the results of the joint project aim to launch a pilot service in the first half of next year followed by a full release in the second half.

At the signing ceremony held yesterday at Shinhan Bank’s headquarters in Jung-gu, Seoul, Jin Ok-dong, CEO of Shinhan Bank, said, "Through this joint project, the MyData business will expand beyond finance to life big data, providing customers with new and diverse services never seen before. I hope it will also motivate the activation of big data trading and utilization promoted by both the government and the private sector."

Cha In-hyuk, CEO of CJ OliveNetworks, said, "Through this joint project among the three companies, we expect to contribute to strengthening the data ecosystem, one of the digital new deal tasks promoted by the government. By utilizing the distribution, financial, and telecommunications data of the three companies, we will lead the MyData era with a new form of customized service that maximizes consumers' data sovereignty and benefits."

Hwang Hyun-sik, CEO of LG Uplus, said, "With this MyData joint project, we expect customers to easily manage their scattered data by themselves and provide various customized services utilizing this data."

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