Hyundai Card banks on data to fuel global ambitions

Its UNIVERSE AI platform is a key export asset after its Japanese launch.

South Korea’s Hyundai Card Co. Ltd. is betting on data science to drive its global expansion, having allotted more than 30% of its annual operating income toward developing these capabilities.

“Hyundai Card can predict and analyze customer spending patterns using data-defining and structuring systems, along with artificial intelligence (AI),” the company said in an emailed reply to questions. “With data science-based technology, Hyundai Card is actively involved in various business collaborations with its partners.”

Central to Hyundai Card’s global strategy is its proprietary AI platform UNIVERSE, which the company sees as a cornerstone for future growth. It was recently exported to Japan’s Sumitomo Mitsui Card Co. Ltd., one of the country’s biggest credit card issuers, after a six-month proof-of-concept.

UNIVERSE functions by tagging data into structured formats and using AI to forecast consumer behavior. Sumitomo Mitsui Card plans to apply the platform across credit operations, customer consultations, fraud detection, and merchant promotions.

“Passing the rigorous tests of the Japanese market has also given the go-ahead for UNIVERSE's expansion into other export markets,” Hyundai Card said. “It is expected that the sales of UNIVERSE will contribute to Hyundai Card's global business expansion.”

The company is also preparing for a global investor push by seeking credit ratings from Fitch Ratings, Inc., S&P Global Inc., and Moody’s Investors Service.

The credit card company said it had invested more than $724m (KRW1t) in AI and data science over the past decade. Today, 25% of its workforce or about 500 employees are dedicated to digital, AI, and data science roles, compared with just 20 workers in 2015.

Hyundai Card was the first to introduce Apple Pay in the country in 2023, securing a strong foothold in Europay, Mastercard, and Visa-supported mobile payments. More recently, it launched mobile payments in Taiwan in partnership with Line Pay.

These data alliances with partners underpin Hyundai Card’s dominance in South Korea’s private label credit card (PLCC) market, where it has a 78% share. PLCCs offer co-branded services and benefits through tie-ups with major brands such as Costco, Korean Air, Emart, and Olive Young.

“The company has fostered a data alliance amongst its PLCC partners, enabling data analysis, strategic insight utilization, and collaborative marketing efforts,” it said.

Hyundai Card serves more than 12 million cardholders. In 2024, its annual credit sales hit $120 billion, while overseas payment transactions surged 32.6% year-on-year to $2.4 billion.