NH Nonghyup Card Launches Data Exchange Product Sales

Expectations for Specialized Data Combining Regional Economy and Distribution Industry Data Utilizing NongHyup's Strengths

[Asia Economy Reporter Ki Ha-young] NH Nonghyup Card announced on the 26th that it will actively promote the activation of its data business and enhance competitiveness, starting with the sale of its first data product through the Financial Data Exchange.

With the enforcement of the three data economy laws and the launch of the Korea Data Exchange and Financial Data Exchange, an environment for data distribution has been established, paving the way for card companies to create new business models by utilizing the big data they possess.

NH Nonghyup Card plans to actively develop and sell data products in response to the changing data paradigm. Leveraging its experience in continuously providing analysis data to public institutions and local governments, as well as its strength in holding diverse regional sales data nationwide, the company intends to develop differentiated data products. In particular, there is high anticipation for business diversification as it can link data from the regional economy and distribution-based Nonghyup affiliates.

The data product sold this time contains card usage information by period and region, customer attribute information, and card usage information by merchant industry, and inquiries for additional data trading contracts are ongoing.

NH Nonghyup Card plans to focus on developing high-quality data products by discovering and processing high-value topics such as buyer-customized analysis and enhancing product competitiveness by combining additional information such as MyData.

An NH Nonghyup Card official stated, “We will make every effort to leverage the strengths of Nonghyup-specialized data, such as rural regional economy and distribution industry data, to become a leading company in the data industry.”