SBI Savings Bank is collaborating with KakaoPay and Korea Credit Bureau (KCB) to enhance financial access for low to mid-credit borrowers.
On September 17, SBI Savings Bank announced that it has signed a memorandum of understanding (MOU) with KakaoPay and KCB to expand financial services for this demographic.
The agreement aims to improve access to finance for vulnerable groups who may not be adequately assessed by traditional credit information alone.
SBI Savings Bank plans to utilize KakaoPay's alternative credit evaluation model, known as the 'KakaoPay Score,' in its loan assessment strategy, while also strengthening its evaluation capabilities through KCB's credit evaluation infrastructure. The bank intends to leverage alternative data based on KakaoPay's MyData to assess customers' repayment abilities from multiple angles. A new financial product incorporating the KakaoPay Score is also set to be launched.
An SBI Savings Bank representative stated, "This agreement is significant in providing new financial opportunities to customers who have not been sufficiently evaluated by traditional credit assessment methods. We will continue to enhance financial access for low to mid-credit borrowers through our alternative credit information-based assessment strategy."
* This article has been translated by AI.
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