Lotte Card Signs Data Fusion Business Agreement with Mirae Asset Daewoo

Combining Investment and Consumption Heterogeneous Data
Collaboration on Data Analysis and Model Development Underway

On the 15th, Lotte Card and Mirae Asset Daewoo signed a "Data Convergence Business Agreement" at the Four Seasons Hotel in Jongno-gu, Seoul, with key representatives from both companies attending, including Han Jeong-wook, Head of Digital Division at Lotte Card (left), and Kim Nam-young, Head of Digital Finance Division at Mirae Asset Daewoo (right).

[Asia Economy Reporter Ki Ha-young] Lotte Card announced on the 16th that it has signed a business agreement to develop a data convergence business with Mirae Asset Daewoo.

The agreement ceremony held the previous day took place at the Four Seasons Hotel in Jongno-gu, Seoul, with key representatives from both companies attending, including Han Jung-wook, Head of Digital Division at Lotte Card, and Kim Nam-young, Head of Digital Finance Division at Mirae Asset Daewoo.

In this business agreement, both companies agreed to jointly conduct data analysis and model development, exchanging and combining pseudonymized information through a specialized data institution. Lotte Card’s customer consumption data and financial data are the main targets for combination, while Mirae Asset Daewoo’s customer investment assets and transaction data are the primary targets for combination.

Both parties will collaborate on analyzing data and, based on this, develop joint business ventures, continuously integrating big data technology and know-how to maintain ongoing mutual cooperation.

By combining Lotte Card’s consumption data with Mirae Asset Daewoo’s investment data, correlation analysis between individual customers’ investments and consumption will become possible. Through combined data analysis, personalized recommendations tailored to customers’ investment and consumption behaviors can be provided, and various financial consumer-friendly services can be offered based on insights gained from the analysis.

Last year, Lotte Card established the BDA division and has been investing heavily in analysis and platform development projects utilizing big data algorithms. In the second half of this year, it plans to launch a platform that offers not only combined data sales but also analysis solution services and advertising services.

Han Jung-wook, Head of Digital Division at Lotte Card, stated, "The combination of household consumption and financial data held by Lotte Card with the financial investment data of Mirae Asset Daewoo is expected to provide new insights into the overall domestic economy as well as various industry-specific issues. We will accelerate efforts to secure competitiveness in the data business based on this business agreement."

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