Seoul Credit Guarantee Foundation-SK Telecom-KB Kookmin Card, Joint Big Data Research Agreement to Support Small Businesses

More Refined Than Commercial Area Analysis Services: 'Public-Private Big Data Collaboration'

[Asia Economy Reporter Lim Cheol-young] Seoul Credit Guarantee Foundation announced on the 20th that it signed a business agreement on the 19th at the foundation's headquarters with SK Telecom and KB Kookmin Card to promote mutual big data exchange and joint research to provide more sophisticated commercial district analysis services to small business owners.

Seoul City and the foundation plan to combine the accumulated public big data on commercial districts with SK Telecom's mobile communication-based floating population data and KB Kookmin Card's small business franchise information data to derive more accurate and highly utilizable commercial district analysis data. Currently, data from nine public and private sources, including Shinhan Card, BC Card, KT data, and living population data calculated by Seoul City, are being used, but going forward, data from SK Telecom and KB Kookmin Card will also be added.

The derived data will be utilized in the "Pedestrian Zone Analysis Service," one of the "Seoul Our Neighborhood Store Commercial District Analysis Services." This service, currently under development, displays information such as the number of small business stores, survival rates, opening and closing rates, sales per store, and population within 5-minute and 10-minute walking zones. Additionally, the derived data will be used to refine existing services such as the Commercial District Activation Index and Tourism Activation Index.

The "Seoul Our Neighborhood Store Commercial District Analysis Service" is a site that analyzes big data from 100 daily life-related industries such as restaurants and convenience stores, providing 37 types of management information including survival rates by region and commercial district, average sales, and rental prices free of charge. It was developed by Seoul City in 2015 and has been operated by the Seoul Credit Guarantee Foundation since 2017.

This collaboration is expected to enable practical and detailed support policy formulation for commercial districts affected by COVID-19 in Seoul. When Seoul City formulates policies, the agreement parties will cooperate in providing and utilizing information to comprehensively understand changes in floating population and small business store opening and closing patterns due to the COVID-19 situation.

The foundation plans to analyze store history changes using small business franchise data based on the COVID-19 outbreak point to more accurately grasp the opening and closing information of all stores in Seoul and spatial characteristics by commercial district. Furthermore, by closely diagnosing the damage situation by commercial district using floating population change data due to COVID-19, the foundation plans to develop a pandemic crisis response model for Seoul's small business owners and create customized support policies to establish a stable small business ecosystem.

Han Jong-kwan, Chairman of the Seoul Credit Guarantee Foundation, said, "The purpose of this agreement is to help small business owners and policy stakeholders make rational decisions by providing more consistent commercial district data through the fusion of public and private big data." He added, "We will continue to expand mutual cooperation beyond the boundaries of public and private sectors to provide higher-level public services for supporting small business owners in Seoul and revitalizing the local economy."

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