BankSalad Selected for Ministry of Science and ICT's "MyData Comprehensive Infrastructure Development Project"

Integration of Financial MyData and Business Site Data
"Building a Differentiated Credit Evaluation Model"

BankSalad, a company specializing in MyData services, announced on May 14 that it has been selected for the "2025 MyData Comprehensive Infrastructure Development Project," which is overseen by the Ministry of Science and ICT and the Korea Data Agency.

This project aims to establish a MyData ecosystem where data subjects can independently manage and utilize their own information generated through various activities, thereby enabling them to receive personalized services.

BankSalad will form a consortium with Korea Credit Data and DsilO to carry out the project under the theme of "Homomorphic Encryption-Based Credit Evaluation and Customized Financial Product Linkage Service for Small Business Owners."

Small business owners have faced difficulties in having their financial soundness properly recognized because it has been challenging to reflect business site data, such as sales performance and commercial district characteristics, in the credit evaluation process. There have also been limitations in utilizing both personal financial data and business site data for credit evaluation, as these data sets are dispersed.

BankSalad plans to build a differentiated credit evaluation model for small business owners by combining business site data with the data collected through its credit score and loan management services. Through this, the company aims to introduce a financial product recommendation service that enhances benefits for small business owners and individual entrepreneurs.

The new credit evaluation model for small business owners will take into account business site characteristics by industry and scale, and will comprehensively assess growth potential and stability by analyzing sales patterns and commercial district features. By integrating financial MyData such as business owners' loan, insurance, and card information, the company seeks to innovate the credit evaluation model.

The company plans to support small business owners in safely and effectively utilizing their own data. It will also strive to expand financial opportunities for small business owners by recommending customized low-interest financial products to increase their chances of obtaining loans.

A BankSalad representative stated, "We will apply the expertise and technology accumulated in the MyData industry to this new credit evaluation service for small business owners in order to build a differentiated model," adding, "Our goal is to expand financial opportunities for individual entrepreneurs and small business owners and to support those who have struggled to obtain loans."

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