Hanacard Partners with Welcome Savings Bank to Promote Collaboration in MyData Business

Combining Financial Transaction Information Held by Both Companies
Accelerating Data-Driven New Financial Business

On the 8th, at the Hana Card headquarters located in Euljiro, Jung-gu, Seoul, Jang Kyung-hoon, CEO of Hana Card (left), and Kim Dae-woong, CEO of Welcome Savings Bank (right), are posing for a commemorative photo during the 'Hana Card-Welcome Savings Bank MyData Business MOU' event.

[Asia Economy Reporter Ki Ha-young] Hana Card announced on the 9th that it has signed a strategic business agreement (MOU) with Welcome Savings Bank to promote the MyData business.

The business agreement ceremony held the day before was attended only by a small number of working-level officials from both companies, including Jang Kyung-hoon, CEO of Hana Card, and Kim Dae-woong, CEO of Welcome Savings Bank, considering the COVID-19 situation.

The two companies have established a strategic data-centered mutual cooperation and plan to provide unique customized products and services in the financial sector through active data exchange and big data analysis between the card company and the savings bank. In particular, combining the basic data of the savings bank, such as deposit and savings product usage details and loan history of middle- and low-credit borrowers from Welcome Savings Bank, the only MyData business operator selected within the savings bank sector, with card payment-based data such as Hana Card’s credit card payment information and merchant usage details, they will provide extensive services in the financial field.

Taking this agreement as an opportunity, they will also promote card product recommendation services based on the consumption details of digital customers of the savings bank and expand the discriminative power of the credit evaluation system. In addition to cooperation in traditional financial service areas such as loans and credit card issuance, they plan to expand mutual exchanges to promote new businesses in the MyData environment.

Jang Kyung-hoon, CEO of Hana Card, said, "Through MyData cooperation between financial companies, we expect to respond quickly and flexibly in the big data era and provide new and diverse services," adding, "We will continue to discover services that fuse data between the two companies and seek synergy."