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Hyundai Card Co. Ltd. and Visa Inc. signed a new agreement for strategic collaboration. The credit card arm of the Hyundai Motor Group said on Monday, June 26, that the American financial service provider agreed to work together on the development of data products and solutions.
The global data partnership deal boosted Hyundai Card's digital push. The Korean card company is also known to create data solutions using artificial intelligence (AI), and this will be very helpful in collaboration with Visa.
The executives of both Hyundai Card and Visa have met up at the latter's headquarters in San Francisco to sign the contract for the cooperation. Present at the signing ceremony were Visa's chief executive officer, Ryan Mclnerney and Hyundai Card's chief and vice chairman Chung Tae Young, also known as Ted Chung. While the deal is already confirmed, the full details of the contract, including the financial aspect, have yet to be revealed by the companies, as per Korea Joongang Daily.
The tie-up will also include the provision of Visa's extensive data assets to Hyundai Card. This will be shared with the latter to support the growth of its Domain Galaxy data alliance platform.
"We look forward to working with Visa and combining both companies' expertise to provide advanced solutions that meet the needs of our partners and customers," Chung said in a press release. "In addition to bolstering our data capabilities, we envision a future where our data-driven technologies will transform the way individuals and businesses interact with financial services."
Visa's chief Ryan Mclnerney further said, "Our partnership with Hyundai Card marks an exciting milestone where we are leveraging data analytics to drive innovative payments experiences. Visa and Hyundai Card are deeply aligned in our strategies on responsible data use and value-creating data innovation to address evolving consumer preferences and expectations."
Photo by: Visa Press Release
