Woori Bank Launches Construction of Massive 'Financial Data Dam'

Partnering with Mirae Asset Securities and Kyobo Life Insurance

[Asia Economy Reporter Jin-ho Kim] Woori Bank is partnering with securities firms, insurance companies, and credit rating agencies to build Korea's first large-scale 'Financial Data Dam.'

On the 21st, Woori Bank signed a 'Joint Research Agreement on Financial Trends' at its headquarters with Woori Card, Kyobo Life Insurance, Mirae Asset Securities, Hanwha General Insurance, NICE Credit Information Service, and others to establish the Financial Data Dam. The Financial Data Dam refers to a financial community collaborating on simplifying the pseudonymization process for data collection, storage, and distribution, joint research and development, data sharing, utilization, and sales.

The participating companies agreed to continue ongoing mutual cooperation, including marketing and analysis results utilization through data partnerships and joint development projects for financial indices.

In particular, they plan to jointly pursue ▲ discovering new businesses through data convergence and developing financial transaction customer characteristic indices ▲ simplifying and regularizing the pseudonymized information aggregation process and commercializing analysis result data within the Financial Data Dam ▲ supporting small business owners and startups, as well as government public support for the data industry.

In the future, the Financial Data Dam will be expanded into a 'Life Data Dam' that gathers data from distribution, telecommunications, and a wide range of fields in one place, continuously providing customized services through data integration and refinement.

A Woori Bank official stated, "Through this agreement, we will take the lead in global data commercialization and contribute to the growth of the government-led data economy."

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