Statistics Korea and Shinhan Bank Sign MOU for Joint Research on Financial Data Utilization

(From left) Jin Ok-dong, President of Shinhan Bank, and Ryu Geun-gwan, Commissioner of Statistics Korea, are posing for a commemorative photo after signing a "Business Agreement for Data Utilization and Cooperation" on the morning of the 7th at the Shinhan Bank headquarters in Jung-gu, Seoul. (Photo by Statistics Korea)

[Sejong=Asia Economy Reporter Son Seon-hee] Statistics Korea and Shinhan Bank signed a memorandum of understanding (MOU) on the 7th to collaborate on joint research using financial data.

According to Statistics Korea, the two organizations held the MOU signing ceremony on the morning of the same day at Shinhan Bank's headquarters in Jung-gu, Seoul, with key officials in attendance. Through this, they agreed to mutually cooperate on ▲providing and jointly using data for financial information utilization analysis ▲joint research on financial information utilization analysis based on big data. This MOU is a public-private cooperation case linking and analyzing public data and private big data, and it is explained that it will contribute to enhancing the usability of big data and its public value in the future.

Ryu Geun-gwan, Commissioner of Statistics Korea, said, "This is another example of cooperation between the government and the private sector in data integration and linked analysis," adding, "It is expected to be a meaningful case in terms of establishing Statistics Korea's 'K-Statistics System'." He also added, "We will actively support enhancing data value and creating synergy effects through the timely and diverse use of financial data by Shinhan Bank, combined with Statistics Korea's accumulated experience in data construction, integration, and analysis."

Jin Ok-dong, CEO of Shinhan Bank, said, "Based on the expertise and foundational conditions of both organizations, the linkage and analysis of financial data held by Shinhan Bank will serve as an opportunity to expand cases of government-private collaboration," adding, "As a data-specialized institution, we hope this will be an opportunity to diagnose social issues and prepare data-driven decision-making through the utilization of the vast data accumulated by Statistics Korea and the pioneering role of Shinhan Bank in the financial industry."

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