Shinhan Card to use spending data to support foreign residents' settlement

Shinhan Card announced Wednesday it has signed a memorandum of understanding with the Korea Immigration Policy Institute, SK Telecom and Korea Credit Bureau (KCB) to cooperate on data-driven immigration policy research and support.

The signing ceremony took place Tuesday afternoon at Shinhan Card's headquarters in Jung-gu, Seoul. Under the agreement, the four parties will link Shinhan Card's spending data, SK Telecom's telecommunications data and KCB's credit information with the Korea Immigration Policy Institute's Immigration Data Center to analyze foreign residents' spending patterns and economic activity from multiple angles and to systematically support data-based immigration policy research.

The partners will collaborate closely in three areas: analyzing foreign residents' economic and lifestyle activities, spending and financial behavior, and community settlement patterns; conducting policy research on social and economic trends related to foreign residents using de-identified data from card transactions, telecommunications and credit information; and identifying data-driven immigration policy agendas and pursuing collaborative projects.

Shinhan Card has supplied the Korea Immigration Policy Institute with its extensive card data in de-identified form since 2024. The new agreement is expected to lay the groundwork for a more comprehensive analysis of foreign residents' economic activities and community integration, enhancing the accuracy and reliability of the institute's research on social and economic trends among foreign residents. The parties also plan to identify data-driven immigration policy agendas and pursue concrete collaborative projects aimed at building a more foreigner-friendly social environment.

Meanwhile, Shinhan Card has been broadening its customer base among foreign residents by launching services tailored to them. In January 2025, for instance, it partnered with E9pay, the top overseas remittance fintech firm, to release the "E9pay Shinhan Card Cheoeum," a credit card exclusively for foreign residents. The card offers guidance in 16 languages and handles the entire process — from application to issuance — without in-person contact. Foreign residents who meet the eligibility requirements can also apply for standard credit cards.