Shinhan Card ties up with FiscalNote for global data biz

Shinhan Card Co. has joined forces with US legal data and analytics company FiscalNote Holdings Inc. to expand its data business into the global markets.

Shinhan and FiscalNote on Thursday signed a memorandum of understanding for a partnership in the global data business. Shinhan aims to become the first South Korean credit card firm to enter the commercial data consulting business in the US through the cooperation.

“We are in the process of developing our domestic-oriented data business into a global business,” said a Shinhan official. “We plan to work on ESG-related collaboration by utilizing FiscalNote’s global network,” the official said, referring to environmental, social and governance management principles.

The two companies agreed to jointly seek overseas data business with their own structured and unstructured data, as well as data analysis capabilities.

They plan to provide institutions and companies that target businesses in South Korea with data on ESG policies and private consumption as a one-stop service. Shinhan will seek the ESG consulting business for institutions and companies at home and abroad based on its data on individual customers’ carbon emissions calculated by their credit card use.

GO GLOBAL

Shinhan has been cooperating on big data businesses with overseas companies. Last year, it conducted a pilot project for a tourism consumption analysis with Italian big data analysis firm EXO Ricerca. The South Korean company aims to provide consulting services to local governments in Europe to promote their tourism with EXO Ricerca and the Korea Culture & Tourism Institute.

Shinhan already signed a data supply deal with the Asian Development Bank, while preparing for a data business with Visa Inc., a global financial services provider.

FiscalNote provides insights and data on government activity and impact by leveraging proprietary artificial intelligence, machine learning and other advanced technologies embedded in its workflow software to collect and analyze global legislative, regulatory and geopolitical data for clients around the world.

The Washington D.C.-based company founded in 2013 has recently acquired Aicel Technologies Inc. in South Korea, expanding its business portfolio into alternative data sectors such as credit card transactions and carbon emissions information.

Write to Jin-Woo Park at jwp@hankyung.com
Jongwoo Cheon edited this article.