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| Hyundai Card Vice Chairman and CEO Ted Chung, left, poses with Visa CEO Ryan Mclnerney after signing a strategic data partnership at the latter's headquarters in San Francisco, June 21. Courtesy of Hyundai Card |
By Lee Min-hyung
Hyundai Card has signed a strategic business partnership with Visa to seek potential opportunities in the area of payments data, the Korean credit card company said Monday.
"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,"?Hyundai Card Vice Chairman and CEO Ted Chung said.?
"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."
Chung visited Visa CEO Ryan Mclnerney in San Francisco to formalize the partnership.
Both firms will leverage data science-related resources and expertise to jointly develop innovative data products, they said. Hyundai Card will offer its innovative data analytics platform globally by leveraging Visa's network which spans over 200 countries. The firm's customized marketing solutions supported by artificial intelligence (AI) will be provided to Hyundai Card's private label credit card (PLCC) partner firms.
"Our partnership with Hyundai Card marks an exciting milestone where we are leveraging data analytics to drive innovative payments experiences," Visa CEO Ryan Mclnerney said.
"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. We look forward to working with Hyundai Card to be at the forefront of innovative solutions that help individuals, businesses and economies thrive."
Beyond data analytics, Hyundai Card will also feature Visa as the company's preferred global payment brand and support Visa's diverse initiatives, including virtual cards and business-to-business payments.
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