Jungjinkong Introduces AI Evaluation Model for Policy Funds

AI Evaluation 'K-VALUE'... Utilizing 170,000 Internal Data and 5.4 Million External Data

[Asia Economy Reporter Kim Cheol-hyun] The Ministry of SMEs and Startups and the Small and Medium Business Corporation (Chairman Kim Hak-do, hereinafter referred to as SBC) announced on the 6th that they will introduce the artificial intelligence evaluation model 'K-VALUE' into policy fund evaluations to support non-face-to-face and digital-based innovative growth companies.

SBC explained that it has completed an evaluation model that extracts more than 100 key indicators based on insolvency, growth potential, profitability, and policy purpose by utilizing 170,000 internal data and 5.4 million external data, and derives results through artificial intelligence. It is configured to collect the latest information in real time on key indicators such as average wage levels, patent information, and energy consumption, and to predict optimal results by applying machine learning algorithms.

Through the AI evaluation model, it is expected to be possible to discover companies with poor financial performance but excellent non-financial achievements and to provide prompt and efficient policy fund support. In addition, preferential policy fund support for excellent companies and support for innovative companies are expected to enhance the credibility of policy funds and institutions.

SBC has been piloting and operating non-face-to-face evaluations since the second half of last year. From the first half of this year, it plans to fully revamp the evaluation to a non-face-to-face evaluation applying artificial intelligence. Non-face-to-face evaluation is regarded as a new attempt in policy fund support methods that can provide rapid policy fund support and simple screening procedures by securing high accuracy and fast evaluation results.

In the future, SBC plans to advance the corporate evaluation system by ▲ expanding the scope of AI utilization ▲ developing dedicated models for government-led new industries such as the Korean New Deal ▲ shifting to policy purpose-centered evaluation ▲ enhancing accuracy and reliability through expanded use of external big data. Chairman Kim Hak-do said, "We will do our best to overcome the COVID-19 crisis through rapid policy fund support based on non-face-to-face and digital platforms," and added, "We will actively utilize the AI evaluation model to continuously discover SMEs and startups with excellent future growth potential and strengthen focused support for innovative companies."

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