Shinhan Card Payment Data to Be Used in the 'Financial Data Exchange'

Executed the Most Cases Including COVID-19 Consumption Impact Analysis in Financial Data Exchange Pilot Trading
President Lim Young-jin Strengthens Big Data Capabilities and Expands Data Business with 'First-Class Shinhan Card' Strategy

On the 11th, attendees at the launch ceremony of the Financial Data Exchange held at the Four Seasons Hotel in Jongno-gu, Seoul, pressed the touch button to announce the opening of the exchange.

[Asia Economy Reporter Ki Ha-young] Shinhan Card announced on the 12th that it has decided to actively participate in the Financial Data Exchange opened by the Financial Security Institute in accordance with the Financial Services Commission's policy to promote data utilization.

The Financial Data Exchange opening ceremony held yesterday at the Four Seasons Hotel in Jongno was attended by seven institutions including Sohn Byung-doo, Vice Chairman of the Financial Services Commission, as well as three corporate representatives including Jin Ok-dong, CEO of Shinhan Bank, Lim Young-jin, President of Shinhan Card, and Hwang Jong-seop, CEO of KCB, who graced the event.

The Financial Data Exchange was established to collect and process high-quality data built across all areas of finance and to distribute high-value data products. It is expected to contribute to the development of the domestic data industry and be widely utilized by public institutions and industries overall. Furthermore, if expanded to include non-financial sector data in the future, it is anticipated to become a foothold for the advancement of the domestic data industry.

As the number one credit card company in Korea leading the domestic data industry, Shinhan Card actively participated from the initial business direction setting of the Financial Data Exchange. Before the official opening of the Financial Data Exchange, Shinhan Card participated as a pilot trading institution testing data sales and purchases, executing 10 out of 13 pilot trades.

Shinhan Card sold consumption impact analysis data related to the novel coronavirus disease (COVID-19), contributing to small business support policies to overcome consumption stagnation, regional economic revitalization policies, and corporate marketing strategy formulation responding to changing consumption patterns.

Additionally, it sold customer analysis data for fintech companies’ business model development and purchased excellent data from small and medium-sized enterprises, demonstrating the potential for practical activation of data trading. Through such transactions, it is expected that new cooperative relationships between large corporations and SMEs will be established, where large corporations discover and purchase high-quality data held by SMEs on the Financial Data Exchange.

President Lim Young-jin emphasized, “As we enter the data economy era, which is the foundation of the 4th Industrial Revolution, the Financial Data Exchange has been established as a pan-government infrastructure. Shinhan Card will actively participate to ensure that this business can be revitalized by utilizing the extensive big data it possesses.” He added, “We will strive to ensure that the data generated through this process creates additional value, enabling the development of not only the financial industry but the entire industry.”