Shinhan Bank Signs Data Utilization and Joint Research Agreement with Statistics Korea

Jin Ok-dong, President of Shinhan Bank (left), and Ryu Geun-gwan, Commissioner of the Korea National Statistical Office, are posing for a commemorative photo after signing the agreement.

[Asia Economy Reporter Kwangho Lee] Shinhan Bank and Statistics Korea plan to jointly conduct social issue research based on private-public integrated big data utilizing public data held by Statistics Korea and financial information data from Shinhan Bank through a business agreement.

The joint research projects between Shinhan Bank and Statistics Korea include ▲analysis of the status of digitally vulnerable groups ▲analysis of the status of self-employed individuals ▲comparative analysis of 'quality of life' evaluation results. By identifying financial blind spots, they plan to support institutional improvements for financially marginalized groups, classify types of self-employed individuals based on their information, and utilize business status change analysis for policy formulation.

Ryu Geun-gwan, Commissioner of Statistics Korea, said, "This will establish another case of cooperation where the government and private sector combine and link data for analysis," adding, "It will also be a meaningful case in terms of establishing Statistics Korea's 'K-Statistics System.'"

The Commissioner further stated, "We will actively support enhancing data value and creating synergy effects by leveraging Statistics Korea's accumulated experience in data construction, integration, and analysis along with Shinhan Bank's timely and diverse financial data."

Jin Ok-dong, CEO of Shinhan Bank, remarked, "As the first in the banking sector to conduct research utilizing financial big data with Statistics Korea, we expect this to be an opportunity to diagnose social issues and make decisions based on this data," adding, "We will do our best to ensure this leads to meaningful research that contributes to society by utilizing private financial data."

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