BC Card, Data Platform MOU
Shinhan Card, Private Data Dam Construction
On the afternoon of the 10th, BC Card signed a Memorandum of Understanding (MOU) with the Korea Data Industry Promotion Agency and the Financial Security Institute at the Korea Data Industry Promotion Agency in Jung-gu, Seoul, to promote the distribution and utilization of financial data. Choi Won-seok, President of BC Card (from the right), Kim Young-gi, Director of the Financial Security Institute, and Min Ki-young, Director of the Korea Data Industry Promotion Agency, are posing for a commemorative photo.
[Asia Economy Reporter Ki Ha-young] The card industry is strengthening cooperation with various institutions to secure a leading position in the data market. By combining and analyzing data from a wide range of fields, they plan to provide customized services to customers and develop this into a future growth engine.
According to the industry on the 11th, BC Card signed a Memorandum of Understanding (MOU) with the Korea Data Industry Promotion Agency and the Financial Security Institute to promote data distribution and utilization. This is a collaboration among data platform operators handling most domestic financial data transactions. Through this MOU, each institution plans to cooperate to activate financial data transactions, including standard contracts.
BC Card operates the 'Financial Big Data Platform,' which involves 13 participating companies. Through the platform, it produces and provides data on card consumption, insurance, securities and investment, floating population, real estate, popular restaurants, and social data. So far, over 600 companies and more than 6,000 individuals have utilized the related data to enhance existing services or develop new ones.
Shinhan Card is also actively promoting data integration with various private companies. Recently, Shinhan Card completed large-scale data integration with Shinhan Financial Investment through the Korea Financial Telecommunications & Clearings Institute. The purpose is to analyze financial investment tendencies by combining card usage patterns and financial investment transactions. Earlier this year, Shinhan Card, together with the Korea Credit Information Services, participated in the pilot service of the public MyData project led by the Ministry of the Interior and Safety, launching the first phase of the service.
Additionally, Shinhan Card is leading the establishment of Korea's first private data dam. It is promoting a data business alliance with representative companies in telecommunications and distribution sectors such as SK Telecom and GS Retail, with the ultimate goal of building a private data dam that collects, integrates, analyzes, and distributes all data in the private sector.
Hyundai Card is promoting a data alliance called the 'Domain Galaxy' with PLCC (Private Label Credit Card) partner companies while launching PLCCs. A representative example is 'Galaxy North,' a platform that enables marketing collaboration based on data among 13 PLCC partners including Korean Air, Starbucks, and Naver. KB Kookmin Card introduced 'Data Root,' an open data integration platform that analyzes and provides big data across various fields, in February.
Samsung Card operates a big data marketing platform called 'Link Partner.' 'Link Partner' is a big data marketing platform that supports partner companies to directly utilize Samsung Card's big data and AI- and machine learning-based algorithms throughout the entire marketing process. Samsung Card is expanding data alliances with various partners through 'Link Partner.'
An industry official said, "The card industry is entering the data business, a future growth area, based on card payment information," adding, "To secure a leading position in the data market, it is important to provide customized data through integration and refinement rather than simple data."
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