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Mirae Asset, Hyundai Card team up for private label credit card

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Hyundai Card CEO Chung Tae-young, right, poses with Mirae Asset Securities Chairman Choi Hyun-man after signing a partnership on launching a private label credit card, at the latter's headquarters in Seoul, Monday. Courtesy of Hyundai Card
Hyundai Card CEO Chung Tae-young, right, poses with Mirae Asset Securities Chairman Choi Hyun-man after signing a partnership on launching a private label credit card, at the latter's headquarters in Seoul, Monday. Courtesy of Hyundai Card

By Lee Min-hyung

Mirae Asset Securities will launch a private label credit card (PLCC) by teaming up with Hyundai Card sometime in the latter half of this year.

This will mark the first time for a Korean securities company to sign a PLCC partnership with a local credit card business operator. A PLCC is a special credit card issued for customers who want to receive benefits with a certain brand.

The Mirae Asset-Hyundai PLCC will be launched under the concept of "consumption for investment." When its users make payments with the card, they can receive some gift points and use them to purchase stocks.

The credit card also offers special promotional benefits. Its subscribers can receive stocks worth as much as 100,000 won as part of a "welcome gift," the two companies said.

Both companies will also keep partnering with each other to offer customer-oriented services with the help of Hyundai Card's artificial intelligence capabilities.

"We are going to offer special benefits and services to customers by highlighting the two firms' core areas of expertise," Hyundai Card CEO Chung Tae-young said. He emphasized his high expectations for the new partnership, as Hyundai Card's data technology has the potential to generate synergy with Mirae Asset's leading position in the securities industry, he said.

Mirae Asset Securities Chairman Choi Hyun-man also pledged to create new opportunities for customers expecting new experiences connecting consumption and investment.

"This is a partnership between Korea's representative securities and card companies," Choi said. "We will offer fresh experiences for customers, and keep leading the new investment culture here with Hyundai Card."

Hyundai Card expects the partnership to widen its data alliance with its PLCC partners such as E-mart, Hyundai Motor, Korean Air and Starbucks. Partners in the so-called Domain Galaxy team up with one another for joint marketing and a series of business activities.

As of May 2022, a total of 15 industry-leading companies have joined the alliance, under which Hyundai Card aims to generate business synergy by enhancing data cooperation to help the participating firms launch better products and come up with fresh business strategies.


Lee Min-hyung mhlee@koreatimes.co.kr


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