Shinhan, Visa unit for collaboration in data and global business

Shinhan Financial Group and Visa card have joined forces to work together on data and global business. This is a strategic agreement between the companies with the aim of product and service development that can be offered in the international arena.

Shinhan and Visa will also be collaborating in the line of data utilization. The South Korean financial company confirmed the past weekend that it has agreed to sign the partnership with Visa card.

While the news was only shared recently, the agreement was already signed on Oct. 17 when Visa’s chairman and chief executive officer, Alfred Kelly Jr., met up with Shinhan Financial Group’s president and CEO, Cho Yong Byoung, at Visa’s headquarters in San Francisco, U.S.A. for a signing ceremony, as per The Korea Times.

With the new partnership deal, the Seoul-headquartered financial holding firm will be able to use Visa's global data when creating and developing its own products and services.

"Shinhan Financial Group is conducting product and service development and various marketing activities based on data information,” CEO Cho said in a statement. “We aim to achieve the two companies' mutual growth, as we cooperate on accumulated data and global networks."

InfoStock Daily reported that in line with Shinhan’s plans to make use of Visa's global data, it would also work with the American premiere card issuer in other fields of business, such as the new technology education for data analysis.

Moreover, Shinhan said it will also for a “working group" where major companies and Visa-related departments can come together and cooperate for the creation of practical results in 2023 via business verification and feedback that will be gathered by the end of this year.

Meanwhile, Shinhan’s debit car unit launched two debit cards in collaboration with Kpop talent agency JYP Entertainment. According to Korea Joongang Daily, the debit cards that were released more than two weeks ago feature the boy group Stray Kids and girl group ITZY which are both being managed by JYPE.

Every time the user of the debit card makes a purchase, a portion of the amount spent will be donated to charity. The best thing about the cards is that it has no annual fee, plus there is a five percent cashback when buying a concert ticket through Yes24 or if they will join the groups’ respective fan clubs.

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