SK Telecom Takes Initiative to Revitalize Financial Data Industry, Signs MOU with Financial Security Institute
[Asia Economy Reporter Seolgina Jo] SK Telecom announced on the 11th that it will sign a Memorandum of Understanding (MOU) with the Financial Security Institute, the operator of the Financial Data Exchange (FinDX), for mutual cooperation in telecommunication-finance convergence data.
This partnership was established to develop the data distribution ecosystem in the financial sector, a key pillar of the data industry, amid the passage of the Data 3 Act in the National Assembly earlier this year and the emphasis on building digital infrastructure such as the Korean New Deal to overcome the COVID-19 pandemic.
SK Telecom plans to combine telecommunication data with financial sector data to develop new data products for financial services and provide them to the Financial Data Exchange. Through this telecommunication-finance data convergence, it is expected that more diverse convergence data products will be developed and the financial data market will be further revitalized.
For example, combining telecommunication data will enable the development of non-financial indicators that can assess creditworthiness, and as the non-financial credit evaluation sector expands, data products related to support services for mid-interest rate borrowers and small and medium-sized enterprises will also be developed.
This cooperation is also expected to contribute to the activation of the MyData industry market, which is emerging as a new service area following the revision of the Credit Information Act. MyData refers to the authority granted to individuals to collect or transfer various personal credit information, such as bank transactions, credit card usage history, and telecommunication bill payment history, in one place. SK Telecom plans to support the utilization of non-financial data by MyData operators through API standardization of telecommunication data.
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SK Telecom plans to contribute to the revitalization of financial services by linking its technology, SK Open API, with the Financial Data Exchange and through various ICT integrations.
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