JB Financial Group Jeonbuk Bank Selected as MyData Demonstration Service Provider

Selected for the "Finance" Sector in the MyData Demonstration Service Support Project Led by the Ministry of Science and ICT

[Asia Economy Honam Reporting Headquarters Reporter Kim Tae-in] JB Financial Group Jeonbuk Bank (President Im Yong-taek) announced on the 24th that it has been selected as a financial sector operator for the 2020 MyData Demonstration Service Support Project hosted by the Ministry of Science and ICT.

The MyData project recognizes 'individual data sovereignty,' allowing individuals to provide data related to themselves, and companies use this data to develop products, policies, and more.

The Ministry of Science and ICT conducted a call for demonstration service projects starting in March, ultimately selecting eight projects across six sectors: medical, financial, public, transportation, lifestyle, and small business.

JB Financial Group Jeonbuk Bank, along with its affiliates Gwangju Bank and JB Woori Capital, formed a consortium with Fintech Co., Ltd., SK Telecom, SK Energy, and SK Networks, and was selected as a demonstration service operator in the field of "Credit Evaluation and Financial Product Development Using Mobility Data."

Through this demonstration service project, Jeonbuk Bank plans to utilize mobility data such as driving information, vehicle information, fuel information, and vehicle maintenance information held by individuals to provide personalized financial services.

Additionally, as a data-utilizing company, Jeonbuk Bank plans to jointly develop an application programming interface (API) that can securely receive information from data-holding companies (SK Telecom, SK Energy, SK Networks) and platform operators (Fintech Co., Ltd.).

A representative of Jeonbuk Bank stated, "With the selection for the MyData demonstration service, Jeonbuk Bank will regularly discover businesses utilizing individual data through cross-industry partnerships and develop differentiated financial services." He added, "In particular, we will take the lead in creating a customer-centered financial environment by expanding services to the MyData industry (personal credit information management business) to be implemented in August this year."

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