BC Card and Jeju Island Sign MOU in ICT New Technology Sector... "Promoting Data Convergence"

Combining BC Card Payment Data with Jeju Island Administrative Data
Expectations for Strengthening Data Industry Competitiveness and Enhancing Resident Welfare

BC Card and Jeju Special Self-Governing Province have signed a Memorandum of Understanding (MOU) to promote public-private cooperation in the field of big data and other ICT new technologies. On the 29th, Lee Dong-myeon, CEO of BC Card (right), and Won Hee-ryong, Governor of Jeju Province, held the signing ceremony remotely.

[Asia Economy Reporter Ki Ha-young] BC Card announced on the 30th that it has signed a Memorandum of Understanding (MOU) with Jeju Special Self-Governing Province for public-private cooperation in the field of ICT new technologies such as big data.

Through this MOU, BC Card plans to supply card payment data, currently provided to the Jeju Big Data Platform, to investment and donation institutions under Jeju Province and cooperate to establish a data ecosystem foundation within the province.

It is explained that based on the full-scale convergence of various public data held by Jeju Province and its affiliated institutions, such as tourism, transportation, welfare, and environment, and the largest domestic payment data held by BC Card, more optimized policy formulation will become possible.

For example, due to Jeju's geographical characteristics, delivery fee surcharges are inevitable for online purchases. However, if local small business owners utilize the data on items that residents purchase despite the surcharge, they can directly procure those items, leading to innovation in the distribution stage, reduction of residents' delivery fee burdens, and revitalization of the local economy.

In addition, by utilizing BC Card's payment data, the objectivity of public policy effect analysis can be strengthened, and optimal decision-making for future policy directions can be supported. According to the analysis results collaboratively conducted by Jeju Provincial Government's Digital Convergence Division and BC Card Big Data Center, the emergency disaster relief funds used from May to October this year were effective in revitalizing Jeju's local commercial districts. In fact, about 60% of Jeju's emergency disaster relief funds were used at small and medium-sized merchants. Furthermore, by using BC Card's payment data, more effective quarantine and public support measures could be prepared for commercial districts and indoor hubs relatively severely affected by the spread of COVID-19.

BC Card plans to continuously seek joint cooperation measures to strengthen the competitiveness of local companies related to new technology fields such as big data with Jeju Province and to solve various social problems based on data synergy.

Im Se-hyun, head of BC Card Big Data Center, said, "We will actively contribute to improving the welfare of local residents and revitalizing the local economy based on public-private data synergy together with Jeju Province."

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