Shinhan Card and Seoul Credit Guarantee Foundation Sign MOU to Develop Credit Evaluation Model for Small Business Owners

Seoul Credit Guarantee Foundation and Data Analysis Capability Provision MOU Signed

[Asia Economy Reporter Ki Ha-young] Shinhan Card announced on the 28th that it has signed a strategic business agreement (MOU) with the Seoul Credit Guarantee Foundation, which supports low-interest rate policies for small business owners. This is to promote a small business data support project, including the development of credit evaluation models.

Through this agreement, the two parties plan to exchange data such as spatial, financial and consumption, demographic characteristics, and facility data. Through joint research, they will prepare statistical data that can enhance startup support and the survival ability of small business owners, providing implications for revitalizing the local economy.

They also plan to jointly develop a credit evaluation algorithm exclusively for business operators, which was insufficiently evaluated by personal credit ratings, introduce it into the credit guarantee screening work, and expand it nationwide. Through this, they aim to resolve difficulties small business owners face in receiving policy funds due to information shortages and diversified credit rating systems, and establish the newly developed model as a credit rating system representing individual business owners, thereby enhancing the financial rights and interests of business operators.

Based on the industry's largest vast merchant payment data and years of big data business capabilities, Shinhan Card launched 'MyCredit,' a personal business credit evaluation service, in October last year. It also provides useful information for small business management activities through economic trend forecasts and commercial district analysis reports. In the future, they plan to further specify business data models specialized for business operators, such as developing commercial district analysis systems and small business management consulting.

A Shinhan Card official said, "In the future, we will continue to discover customized services for small business owners by connecting differentiated analytical capabilities and life information platforms in line with Shinhan Financial Group's ESG strategy."

This content was produced with the assistance of AI translation services.