Shinhan Card Big Data Consulting, First Financial Sector Entry into the EU

Joint Research Initiative with Italian Big Data Analysis Institute 'Exo Ricerca'

Shinhan Card announced on the 16th that it held a business briefing session for joint research and project promotion on Italian culture and tourism big data, together with Exo Ricerca, a big data specialist institution in Italy, Europe, and the Korea Culture and Tourism Institute. During the briefing session held via video conference the previous day, Ilbong Kim, Head of Shinhan Card's Life Business Division, shared the results of the pilot project analyzing tourism consumption in the Basilicata region of Italy, which has been underway since early this year.

[Asia Economy Reporter Ki Ha-young] Shinhan Card is the first in the domestic financial sector to carry out a big data consulting project in the European Union (EU) region.

On the 16th, Shinhan Card announced that it held a business briefing session for the 'Italy Culture and Tourism Big Data Joint Research and Business Promotion' project together with Exo Ricerca, a big data specialized institution in Italy, and the Korea Culture and Tourism Institute.

The briefing session held the previous day was conducted via video conference with the attendance of related personnel including Kim Il-bong, Head of Shinhan Card Life Business Division, Fausto Villani, CEO of Exo Ricerca, and Kim Sung-jin, Director of the Policy Information Center at the Korea Culture and Tourism Institute.

Exo Ricerca is a big data specialized research institution established in Italy in 2011 for non-profit purposes, conducting numerous projects such as industry-academia cooperative big data analysis.

Since early this year, Shinhan Card has been conducting a pilot project analyzing tourism consumption in the Basilicata region with Exo Ricerca, which received favorable reviews locally in Italy. During this briefing session, Shinhan Card, Exo Ricerca, and the Korea Culture and Tourism Institute shared the results of the pilot analysis project and agreed to promote consulting projects supporting the revitalization of the tourism industry for various governments and local governments in Italy and Europe.

In particular, Shinhan Card plans to participate in the tourism consumption analysis as part of the Italian central government's COVID-19 recovery program, collaborating with Exo Ricerca to analyze various data including culture, tourism, digital, and transportation. They also plan to expand to major tourist countries in Europe, including Italy, to develop cultural and tourism data products targeting European countries, thereby promoting the globalization of the data industry. Through this, they expect to lead the analysis of domestic and international tourism trends.

Based on its global expansion know-how in big data consulting capabilities, Shinhan Card will focus on linking added value to domestic public sectors and private companies that need to enter overseas markets. Additionally, the Korea Culture and Tourism Institute plans to utilize the analysis results from this research to understand tourism trends in the changing European market post-COVID-19 and apply them to domestic tourism industry policy formulation.

Shinhan Card has been continuously strengthening its global data consulting capabilities, following last year's data supply contract with the Asian Development Bank (ADB) and the strategic business agreement related to data business with Visa, the world's largest payment network company.

Kim Il-bong, Head of Shinhan Card Life Business Division, said, "This collaboration is meaningful as it demonstrates that the big data and analysis know-how accumulated by Shinhan Card can produce significant results even in Europe," adding, "We will continue to strive to activate data economy policies in line with Shinhan Financial Group's new vision of 'Easier, More Comfortable, and New Finance.'"

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