Shinhan Card Signs Agreement with Financial Security Institute to Support Data-Disadvantaged Groups

Shinhan Card announced on the 12th that it signed a business agreement with the Financial Security Institute at its headquarters in Euljiro, Jung-gu, Seoul, to support data for data-disadvantaged groups.

The Financial Security Institute operates the Financial Data Exchange. The signing ceremony was attended by Shinhan Card President Lim Young-jin, Financial Security Institute Director Kim Cheol-ung, and other officials.

Through this agreement, the two organizations plan to develop customized small-scale data products that enable data-disadvantaged groups such as small business owners, young startups, and university (graduate) students, who have difficulty securing and utilizing data, to purchase and use high-quality data, and register them on the Financial Data Exchange.

In addition, Shinhan Card plans to establish a new analysis environment in the second half of this year that allows credit card payment data provided by Shinhan Card to be safely analyzed in the remote analysis environment (Safe Zone) of the Financial Data Exchange.

Furthermore, the two organizations will strengthen cooperation to expand data product transactions through the Financial Data Exchange and activate transactions of pseudonymized linked data products. They also plan to accelerate financial innovation based on data by exchanging platform capabilities based on their data analysis expertise.

A Shinhan Card official said, "In line with Shinhan Financial Group's vision of 'Easier, More Comfortable, and Newer Finance,' we will expand data accessibility for data-disadvantaged groups to support the creation of business ideas and research based on financial data, and actively support the revitalization of Korea's data ecosystem based on the social trust earned as a financial institution."

Meanwhile, Shinhan Card ranks first this month in all areas including the number of registered products (287), number of downloads (2,309), and popularity on the Financial Data Exchange. Last year, it surpassed 10 billion KRW in data sales revenue, steadily advancing in the data business sector.

Recently, based on its accumulated big data business capabilities over many years, Shinhan Card is preparing to be designated as a data-specialized institution and is leading the private data dam "Grandata" together with SK Telecom and Korea Credit Bureau (KCB).

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