NH Nonghyup Bank Selected as MyData Demonstration Service Provider

[Asia Economy Reporter Kangwook Cho] NH Nonghyup Bank announced on the 17th that eight consortia, including the "Nonghyup Consortium," were selected as business operators for the 2020 MyData Demonstration Service Support Project hosted by the Ministry of Science and ICT.

MyData refers to a series of processes in which the data subject (individual) actively manages and controls their own information and proactively utilizes this information for credit or asset management, among other purposes.

The selected Nonghyup Consortium includes NH Nonghyup Bank, SN Lab?a MyData specialized company and tenant of the NH Digital Innovation Campus?Nonghyup Life Insurance, Nonghyup Property & Casualty Insurance, NH Investment & Securities, Nonghyup Capital, NH Savings Bank, and other financial sectors. Nonghyup plans to build an open platform that collects and manages individuals' financial and non-financial data from the smartphone's personal information storage and shares it with companies.

Through Nonghyup's platform, individuals can provide their data to the platform and receive tangible rewards such as mobile gifticons, while companies can utilize the registered data to develop various data-based services, including personalized financial product recommendation services.

An NH Nonghyup Bank official stated, "We aim to establish a MyData ecosystem where individuals are rewarded and companies can create new business opportunities," adding, "Through the participation of Nonghyup mutual finance and various affiliates, we will continuously discover new business models spanning from finance to distribution."

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