Discover Opens Data Analysis Subsidiary in Shanghai, China
Discover Financial Services has announced the opening of a new subsidiary, Discover Information Technology (Shanghai) Ltd., in the People’s Republic of China, to support Discover’s data analysis and modeling operations.
The new operation in Shanghai’s Huangpu District will house a staff of 45 analysts. Discover plans to double that workforce by 2009.
“Our new subsidiary supports Discover’s rapid investment in our risk-assessment abilities,” said James Panzarino, Discover’s chief credit risk officer. “Our new Shanghai employees have sophisticated training in mathematics and other quantitative subjects. They join our existing team of some of the best analytical talent anywhere.”
“This effort represents a wonderful opportunity for Discover and Shanghai together,” said Fude Wang, general manager of the new operation. “Discover is able to hire top-notch area talent to build state-of-the-art information-based decision models and tools for our business, while Shanghai receives a new employer offering advanced opportunities in the financial services sector.”
The opening of the technology center is Discover’s latest foothold in China, where the company already has a long-term agreement with China Unionpay. In May 2007, Discover opened the Discover Financial Services Representative Office in Shanghai to support the Unionpay alliance, which gives Discover Network cardholders access to China Unionpay's merchant locations and ATMs across Mainland China. It also allows China Unionpay cardholders access to ATMs, and POS terminals at retail locations across the U.S. on Discover’s PULSE network.”
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