Woori Card Signs Business Agreement for Data Collaboration with 5 Financial Companies

Construction of Korea's First Large-Scale Private 'Financial Data Dam'
Plan to Purchase Processed Data Through Data Exchange

At the 'Financial Trend Joint Research Business Agreement Ceremony' held at the Woori Bank headquarters on the 21st, (from left) Pyeon Jeongbeom, CEO of Kyobo Life Insurance, Kwon Kwangseok, President of Woori Bank, Choi Hyunman, CEO of Mirae Asset Securities, Kang Seongsu, CEO of Hanwha General Insurance, Kim Jeonggi, CEO of Woori Card, and Shin Heebu, CEO of NICE Information Service, are posing for a commemorative photo.

[Asia Economy Reporter Ki Ha-young] Woori Card announced on the 21st that it has signed a business agreement for data cooperation with five domestic financial companies.

The participants in the Financial Data Dam project include Woori Bank, Kyobo Life Insurance, Mirae Asset Securities, Hanwha General Insurance, and NICE Information Service. Key figures from the six companies attended the signing ceremony held at the Woori Bank headquarters, pledging to form a financial data alliance.

They will be able to collect, combine, and analyze pseudonymized customer information held by individual companies at any time, and plan to simplify and regularize the process for future data usage to enhance convenience. The combined data will also be made available for purchase through platforms such as the Financial Data Exchange and Korea Data Exchange.

A Woori Card official stated, "We expect to accelerate the expansion of related businesses using sophisticated big data that combines financial transaction information from six financial companies," adding, "We also plan to establish a lifestyle data dam by expanding data partnerships to various fields such as telecommunications and logistics beyond the financial sector."

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