KFTC Signs Business Agreement for Data-Driven Service Development

Online Non-Face-to-Face Agreement Ceremony with Korea Enterprise Data
Collaboration for Innovative Financial Service Development through Integration of Financial and Credit Data

[Asia Economy Reporter Park Sun-mi] The Korea Financial Telecommunications and Clearings Institute (KFTC) announced on the 14th that it has signed a business agreement with Korea Enterprise Data to develop innovative services based on financial data.

Through this partnership, the two organizations will combine the financial transaction data held by KFTC with the credit data of Korea Enterprise Data to develop a more sophisticated and timely next-generation model.

Specifically, they plan to collaborate in areas such as ▲developing alternative credit evaluation models for companies and small business owners, ▲developing early warning models for corporate credit risk, ▲developing risk detection models for suspicious transactions such as fraud, and ▲researching data integration models across similar and different industries. According to the agreement, both organizations expect synergy effects in developing innovative financial services, new businesses, and enhancing existing businesses based on the data held by KFTC.

Kim Hak-su, President of KFTC, stated, “Through the cooperation of the two organizations, we will not only discover innovative services utilizing financial data but also strive to contribute to increasing convenience for financial consumers, including enhancing financial accessibility for financially vulnerable groups.”

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