Shinhan Card Signs MOU for Big Data Joint Project with Gaion

Gaion Import and Export Trend Data and
Shinhan Card Consumption Data Integration

[Asia Economy Reporter Ki Ha-young] Shinhan Card announced on the 29th that it has signed a 'business agreement for strategic partnership in big data business' with Gaion and agreed to mutually cooperate in data exchange and solution development.

The two companies held a partnership signing ceremony at Shinhan Card headquarters in Euljiro, Seoul, attended by Shinhan Card Life Information Group Head (Vice President) Ahn Jung-sun and Gaion CEO Kang Hyun-seop, along with other company officials.

Gaion holds data on major import and export trends by domestic and international regions through agreements with organizations such as the Korea Trade Statistics Promotion Institute, which acts as an agency for the Korea Customs Service in compiling and issuing trade statistics.

Through this agreement, Shinhan Card expects to combine card consumption trends with Gaion's import and export trend data to monitor economic trends in each region in a multidimensional way.

The two companies plan to exchange databases on regional import and export trends and consumption trends to produce results. They plan to provide analyzed information on domestic consumption and import/export data so that major local governments, manufacturing, and distribution companies can proactively respond to economic changes. Additionally, they will jointly develop an import/export and consumption trend analysis solution to be conveniently used by small and medium-sized enterprises and small business owners.

It is expected that through this business agreement, if joint products are developed, a new data business model combining financial data and import/export data can be created.

Vice President Ahn said, "By combining the data utilization capabilities of Gaion and Shinhan Card, we will do our best to provide high-quality economic trend data not only to local governments and large corporations but also to small and medium-sized enterprises and small business owners."