Hyundai Card sells its IT to IBM Japan subsidiaryHyundai Card has reached an agreement to sell credit card technology and services to a Japanese company.
The card issuer will provide the Hyundai-Advanced Library Card Information System to Exa Systems, a 51 percent-owned subsidiary of IBM Japan.
Hyundai Card said the deal could boost revenue with software package licensing sales and the provision of consulting services to the Japanese unit.
The agreement also paves the way for the company to enter the Japanese market, a place Hyundai sees as “conservative but possessing a high potential for growth.”
“The credit card business is closely related to lifestyle and culture as well as the financial characteristics of the people in the region, so there is a great risk when entering the overseas market directly,” a Hyundai Card source said. “Hyundai Card solved this problem with its digital capabilities accumulated through intense competition in Korea and its strategic approach to the Japanese market.”
By Park Eun-jee