IBK Industrial Bank and Korea Financial Telecommunications & Clearings Institute Sign Customized Support Agreement for SMEs

Joint Development of SME Analysis Models and Indicators Based on Financial Data with Korea Financial Telecommunications and Clearings Institute

[Asia Economy Reporter Park Sun-mi] IBK Industrial Bank and the Korea Financial Telecommunications & Clearings Institute announced on the 28th that they have signed a "Business Agreement to Discover Models for Expanding Support for Small and Medium Enterprises Based on Financial Data."

Through this business agreement, the two organizations will conduct joint research to develop SME analysis models and indicators based on financial clearing data to provide customized support for small and medium enterprises. IBK Industrial Bank will share its SME data, and the Korea Financial Telecommunications & Clearings Institute will share its payment data. They will develop indicators capable of predicting economic trends of SMEs by industry and region, as well as individual SMEs' sales growth potential and stability.

A representative from IBK Industrial Bank stated, "We expect that this agreement will enable us to further advance credit screening and corporate analysis," adding, "We will utilize big data to develop customized products and services for SMEs and lead the data industry in the SME finance sector."

Meanwhile, the signing ceremony was held remotely to prevent the spread of COVID-19.

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