Woori Bank Provides Financial Data to Startups
Participation in Korea Fintech Support Center D-Testbed Project
Providing Financial Data Needed for Testing New Fintech Business Ideas
[Asia Economy Reporter Song Hwajeong] Woori Bank announced on the 4th that it will participate in the 2022 'D-Testbed' project of the Korea Fintech Support Center under the Financial Services Commission to provide financial data necessary for startup companies to promote new businesses.
The D-Testbed project is a system that tests the innovation and effectiveness of fintech-related ideas using financial data, providing data from a total of seven companies. This is the largest case of combined data provision by the number of institutions to date. Participating institutions include Woori Bank, Woori Card, Kyobo Life Insurance, Mirae Asset Securities, Hanwha General Insurance, NICE Information Service, and KT.
Woori Bank established the financial community 'Financial Data Dam' in May last year for joint research on financial trends, and this year KT, a company from a different industry, joined to provide combined data. The Data Dam is a community that collaborates on pseudonymization process simplification for data collection, storage, and distribution, joint research and development, and data sharing and utilization, and plans to continuously expand into different industrial sectors.
The detailed data consists of about 400 attributes, including financial activity data such as banking, card, insurance, securities, credit evaluation information, and telecommunications information, provided in an anonymized form that has been de-identified in compliance with prescribed requirements and procedures.
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A Woori Bank official said, "Since various companies are participating in data provision, positive synergy is expected," and added, "We will make greater efforts to create a data ecosystem by activating data transactions through participation in government policy projects."
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