South Korea’s leading card issuer, Shinhan Card, is ratcheting up its efforts to tap into global markets. As part of its recent global expansion scheme, it has joined hands with global credit card giant Visa to offer joint consulting services based on data analysis.

The two firms plan to deploy their data analysis capacities to provide consulting services for local and global governments and companies. The partners will also try to develop solutions to monitor global payment and consumption trends, which could be used to nurture new business models.

“Visa owns cutting-edge data analysis solutions that process 200 billion transactions annually,” said Chris Clark, Visa’s executive vice president, in a press release. “Visa’s data consulting services can help governments and businesses in developing innovative services and products, especially at a time when they face difficulties such as the ongoing coronavirus pandemic.”

The Korean card firm also said it is about to ink a partnership with the Asia Development Bank, a regional development bank, to offer financial data to gauge the effectiveness of emergency funds distributed to the public during times of crisis.

By Kim Young-won (wone0102@heraldcorp.com)