Shinhan Card Leads Private Sector Data Dam Construction... SKT, KCB, GS Join Forces

SKT, KCB, GS Retail, Home Shopping Alliance Promotion
Mid- to Long-Term Goal to Build a 'Private Data Dam'

[Asia Economy Reporter Ki Ha-young] Shinhan Card is promoting a data alliance with the top domestic data companies in the telecommunications, credit, and distribution sectors. The long-term goal is to build a 'private data dam' that collects, combines, analyzes, and distributes all data in the private sector.

On the 4th, Shinhan Card announced that it will promote a data business alliance with SK Telecom, the No. 1 mobile carrier, Korea Credit Bureau (KCB), which holds credit information on 44 million people, and GS Retail and Home Shopping, which possess the highest level of distribution data in Korea.

Additionally, various companies from different industries, including existing partners Homeplus, payment gateway companies Danal and Inicis, and Real Estate 114, will participate in this data business alliance.

Shinhan Card expects to continuously expand the open alliance in the future, with additional participation from data companies in the automotive, manufacturing, fashion, medical, transportation, and lodging sectors, as well as data analysis specialists, consulting firms, and system and solution companies. Ultimately, the plan is to build a private data dam that collects, combines, analyzes, and distributes all data in the private sector.

Through this data alliance, it is expected that most citizens' consumption activities will be analyzed by combining various pseudonymized information such as consumption, mobility, credit, product categories, and online data from participating companies. These combined data products and data-based subscription services are anticipated to assist companies in marketing strategies, consumer analysis, and future market responses.

Shinhan Card also plans to closely cooperate with government-led public data dams, financial data, and the Korea Data Exchange to support public policy formulation and improvement projects through the integration of public data.

A Shinhan Card official stated, "As Korea's top data companies are participating in this data alliance, it is expected to be a significant stepping stone for the development of the domestic data industry," adding, "Shinhan Card will continuously strive to revitalize the data economy by obtaining the main license for the MyData business and linking with Shinhan Financial Group's Neo Project."

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