Shinhan Card’s Big Data Consulting Division will enter the U.S. commercial data consulting market, in a first for a Korean credit card issuer.
This brings Shinhan Card one step closer to its vision of becoming a data-based lifestyle financial platform going beyond remaining Korea’s leading credit card company.
Shinhan Card recently signed a business agreement with FiscalNote of the United States, a leading artificial intelligence (AI) company in the field of law, policies and ESG to promote global data business based on their data and AI capabilities.
The signing ceremony was held at the Shinhan Card headquarters in Jung-gu, Seoul with the attendance of Tim Hwang, co-founder and CEO of FiscalNote, and Lim Young-jin, president of Shinhan Card.
FiscalNote provides services by analyzing laws and regulations in each country using big data and AI technology.
It is expanding its business to alternative data fields such as credit card transaction information and carbon emission information by acquiring Aicel Technologies.
Shinhan Card’s strategy is to jointly promote various overseas data businesses based on its excellent data analysis capabilities, as well as high-quality structured and unstructured big data owned by the two companies.
To foreign institutions and companies that need information on the Korean market or possible expansion there, the two companies cooperate and promote a one-stop integrated information services ranging from ESG policies, including Korean laws to information related to private consumption such as consumption trends.
On top of that, they will use the Shinhan Green Index, which can calculate carbon emissions from individual consumers based on credit card use details promoted by Shinhan Card.
Based on this, ESG consulting will also be promoted. It is to expand its business to major domestic and foreign government agencies and companies by making good use of various ESG-related data and collaborating with experts of FiscalNote.
Earlier this year, Shinhan Card announced its vision of becoming a data-based lifestyle financial platform beyond the No. 1 credit card company by expanding its data business.
In March, for the first time in the Korean credit card industry, the Korean Ministry of Science and ICT officially certified its corporate research institute for big data modeling, artificial intelligence (AI), and payment solution research and development.
“We will continue to expand our business areas by promoting creative businesses such as new finance and new commerce,” Lim said.
“We are evolving into a life finance platform company based on data business by maximizing future customer value based on new digital technologies and big data capabilities.”
In the meantime, Shinhan Card held an event to commemorate Shinhan Vietnam Finance Company (SVFC)’s entry into the credit card business in Ho Chi Minh City, Vietnam on Aug. 30.
It plans to create synergies with credit loans and automobile and digital loans in the Vietnamese market to aggressively conduct its business in the Vietnamese market where the COVID-19 situation was stabilized.
In particular, the event showed its will to achieve “ONE Shinhan” by sharing its know-how in the credit card business with Shinhan Vietnam Bank which made a foray into Vietnam a few years ago.
Shinhan Card acquired a 100 percent stake in PVFC, a Vietnamese consumer finance company from Prudential Financial Group in 2019.
PVFC was renamed SVFC. SVFC launched new products such as auto loans, installment finance for durable goods and digital loans.
In May, it acquired a stake in Tiki, a Vietnamese e-commerce giant, entering into a strategic alliance with Tiki.
“We will super-personalized service know-how and digital technology based on our accurate customer big data analysis,” President Lim said.
“One Shinhan, Shinhan Card will provide comprehensive financial services in connection with other Shinhan Group affiliates doing business in the banking, financial investment, insurance and credit card sectors in Vietnam.”
_신한카드 피스컬노트.jpg)
