KB Kookmin Card, LG Uplus, and Korea Credit Data Collaborate to Support Loans for Individual Business Owners

[Asia Economy Reporter Yu Je-hoon] KB Kookmin Card has decided to collaborate with LG Uplus and Korea Credit Data to support loans for individual business owners.

On the 20th, KB Kookmin Card held an 'Information Business Agreement Ceremony for Improving Financial Accessibility for Individual Business Owners' at the headquarters of Korea Credit Data located in Yeouido, Yeongdeungpo-gu, Seoul, with LG Uplus and Korea Credit Data. They announced that they will collaborate on loan support for individual business owners and the development of a credit evaluation model combining merchant sales information, telecommunication usage history, and corporate credit information.

Through this agreement, KB Kookmin Card will apply a specialized credit evaluation model for individual business owners subscribed to LG Uplus telecommunication services, providing loan service benefits with lower interest rates compared to existing individual business loan products.

Additionally, the three companies will jointly develop an alternative credit evaluation model using telecommunication information. The alternative credit evaluation model and financial products for individual business owners promoted by the three companies will combine ▲ LG Uplus's telecommunication information ▲ Korea Credit Data's credit information, and integrate each company's data analysis, financial product, and credit evaluation model development capabilities to offer differentiated services from existing ones.

Through the new alternative credit evaluation service, financial accessibility for individual business owners within LG Uplus will expand, enabling the use of low-interest financial products. The company explained that if this service spreads to the financial sector in the future, it is expected to contribute to improving the difficulties faced by all small business owners who need to secure operating funds in a high-interest rate era.

A KB Kookmin Card official stated, "We hope this will be an opportunity for individual business owner customers, who have not enjoyed many financial benefits under the existing credit evaluation system, to receive practical financial benefits." He added, "The three companies will continue to collaborate to develop various financial products and credit evaluation services that can help individual business owners, including small business owners struggling to secure funds due to COVID-19, manage their business funds."

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