Discover Financial Services opens data subsidiary in Shanghai, China new operations center strengthens company's expanding analytics operations
Riverwoods, ILL. & Shanghai, China - Discover Financial Services (NYSE: DFS) today 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."
Discover plans to host a grand opening at the new office on July 15.
"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.
About Discover Financial Services Discover Financial Services (NYSE: DFS) is a leading credit card issuer and electronic payment services company with one of the most recognized brands in U.S. financial services.
The company operates the Discover Card, America's cash rewards pioneer. Since its inception in 1986, the company has become one of the largest card issuers in the United States.
Its payments businesses consist of the Discover Network, with millions of merchant and cash access locations; PULSE, one of the nation's leading ATM/debit networks; and Diners Club International, a global payments network with acceptance in 185 countries and territories.
For more information, visit www.discoverfinancial.com.
Discover Financial ServicesJon Drummond+1 224-405-1888
Riverwoods, ILL. & Shanghai, China - Discover Financial Services (NYSE: DFS) today 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."
Discover plans to host a grand opening at the new office on July 15.
"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.
About Discover Financial Services Discover Financial Services (NYSE: DFS) is a leading credit card issuer and electronic payment services company with one of the most recognized brands in U.S. financial services.
The company operates the Discover Card, America's cash rewards pioneer. Since its inception in 1986, the company has become one of the largest card issuers in the United States.
Its payments businesses consist of the Discover Network, with millions of merchant and cash access locations; PULSE, one of the nation's leading ATM/debit networks; and Diners Club International, a global payments network with acceptance in 185 countries and territories.
For more information, visit www.discoverfinancial.com.
Discover Financial ServicesJon Drummond+1 224-405-1888
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