Shinhan Card Big Data Consulting, First Domestic Entry into the US Market

Shinhan Card Signs Big Data and ESG Partnership Agreement with US Unstructured Data AI Specialist 'FiscalNote'

[Asia Economy Reporter Yoo Je-hoon] Shinhan Card Big Data Consulting is the first domestic card company to enter the U.S. commercial data consulting market.

On the 25th, Shinhan Card announced that it signed a business agreement at its headquarters in Jung-gu, Seoul, with the U.S. AI company FiscalNote, specializing in legal, policy, and environmental, social, and governance (ESG) fields, to promote a global data business based on the data and AI capabilities held by both companies. The signing ceremony was attended by Tim Hwang, CEO (co-founder) of FiscalNote, and Lim Young-jin, CEO of Shinhan Card.

FiscalNote is a company that utilizes big data and AI technology to analyze legislation and regulatory information from various countries and provide services. Recently, through the acquisition of Acel Technologies, it has expanded its business into alternative data fields such as credit card transaction information and carbon emission data.

Shinhan Card plans to jointly promote various overseas data businesses based on the high-quality structured and unstructured big data and excellent data analysis capabilities possessed by both companies. For the purpose of entering the domestic market, they plan to cooperate in providing a one-stop integrated information service to foreign institutions and companies that need information about the Korean market, covering domestic laws, ESG policies, and consumer trends related to private consumption.

Additionally, based on Shinhan Card’s 'Shinhan Green Index,' which calculates individual consumers' carbon emissions through card consumption details, they intend to promote ESG consulting targeting major domestic and international government agencies and companies through collaboration with FiscalNote’s diverse ESG-related data and expert know-how.

CEO Hwang said, "We are pleased to partner with industry-leading Shinhan Card. This agreement will lead innovation in new alternative data and AI areas by leveraging FiscalNote’s global network and marks the beginning of ESG-related collaboration with a broad range of customers."

A Shinhan Card official stated, "This agreement is significant in that it expands our previously domestic-focused data business into a global business. We will continue to strive to strengthen our data business competitiveness in line with Shinhan Financial Group’s vision of 'Easier, More Comfortable, and Newer Finance.'"

Meanwhile, last year, Shinhan Card was the first in the financial sector to conduct big data consulting business in Europe. They carried out a pilot project analyzing tourism consumption in the Basilicata region with Exo Ricerca, an Italian big data specialist, and plan to promote consulting projects supporting the revitalization of the tourism industry for various European governments and local governments, including Italy, together with Exo Ricerca and the Korea Culture and Tourism Institute.

Furthermore, Shinhan Card has signed a data supply contract with the Asian Development Bank (ADB) and a strategic business agreement related to data business with Visa, the world’s largest payment network company, continuously strengthening its global data consulting capabilities.

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