Woori Bank-Kumgyeolwon Join Hands to Revitalize Local Markets... Sign MOU to Develop Big Data-Based Models

Providing Converged Services Through Data Partnership and Analysis of Both Companies' Holdings

Woori Bank DT Promotion Team Deputy CEO Hwang Won-cheol (left) and Korea Financial Telecommunications & Clearings Institute e-Business Headquarters Director Kwon Young-sik (right) are posing for a commemorative photo.

[Asia Economy Reporter Kwangho Lee] Woori Bank announced on the 31st that it has recently signed a Memorandum of Understanding (MOU) with the Korea Financial Telecommunications & Clearings Institute to jointly develop a big data model to support small business owners in local markets affected by the COVID-19 downturn.

Through this agreement, Woori Bank plans to utilize financial data from both Woori Bank and merchant information from the Korea Financial Telecommunications & Clearings Institute to analyze sales information and commercial districts of small business owners, aiming to enhance the financial platform and support small business operations.

Additionally, by the first half of this year, the Korea Financial Telecommunications & Clearings Institute will upgrade the ‘VAN Big Data Service’ currently in operation and provide this service free of charge for a certain period to merchants who transact with Woori Bank. The VAN Big Data Service offers various predictive analytics information such as daily trends, settlement and sales management statistics, repeat customer analysis, and weather analysis to general merchants including small business owners.

A Woori Bank official stated, “We hope that small business owners in local markets will benefit from data-driven analytical services through this agreement,” and added, “Woori Financial Group will also take the lead in promoting the data economy in line with the government’s data economy activation policies and the Digital New Deal.”

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