Shinhan Card Obtains First Full Approval for Individual Business Owner CB in Financial Sector

Recognition of Alternative Credit Evaluation Capabilities Utilizing Big Data

[Asia Economy Reporter Ki Ha-young] Shinhan Card has become the first financial company to receive the full license for individual business owner CB operations following the enforcement of the revised Credit Information Act.

Shinhan Card announced on the 6th that it has obtained the full license for individual business owner CB operations from the Financial Services Commission. With this full license, the company plans to establish its own credit evaluation criteria using merchant sales information, as well as collect and utilize heterogeneous data such as telecommunications information and public data from external institutions to refine its credit evaluation models.

Through this, Shinhan Card aims to actively develop innovative services that enhance financial accessibility for small business owners and self-employed individuals who have not been properly evaluated due to insufficient credit information, and also plans to actively pioneer the mid-interest rate market.

Previously, Shinhan Card was selected as the first innovative financial business operator by the Financial Services Commission in April 2019 and launched its own brand called "MyCredit" in October of the same year. Since then, it has focused on developing its capabilities in credit evaluation by providing credit evaluation services to external financial companies.

A Shinhan Card official said, "The acquisition of this full license is a recognition of our credit evaluation capabilities based on big data held as the industry leader in merchant payment information," adding, "We plan to continuously expand related businesses by combining various evaluation factors to establish a sophisticated credit evaluation system."

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