KakaoBank has become the only domestic bank to participate in the presidential economic delegation, aiming to penetrate Mongolia's digital finance market.
KakaoBank announced that CEO Yoon Ho-young attended the 'Korea-Mongolia Business Forum' held in Ulaanbaatar, Mongolia, on July 9 as part of the South Korean presidential economic delegation. This marks the first time KakaoBank has joined a presidential overseas economic delegation since its establishment.
During his presentation, Yoon highlighted how KakaoBank has enhanced financial accessibility using its proprietary alternative credit scoring model (CSS) and artificial intelligence (AI) technology. He outlined a vision for expanding digital financial innovation and inclusive finance through collaboration with the Mongolian financial market.
Yoon also discussed plans for expanding digital finance cooperation with local financial institutions and government officials, including a partnership with MCS Group. Notably, they plan to jointly develop an alternative credit scoring model with M Bank, a digital banking subsidiary of MCS Group, to enhance the digital competitiveness of Mongolia's financial industry.
KakaoBank has signed a memorandum of understanding for strategic equity investment in MCS Group and M Bank. The goal is to finalize the investment in M Bank by the end of the year after completing the final contract procedures.
The two companies plan to collaborate in various areas, including product and service development, advanced credit assessment, and building a global digital banking network.
Yoon emphasized, 'Mongolia has a young population and excellent digital infrastructure, making it a market with significant growth potential for the AI financial industry. Through strategic cooperation with MCS Group, we aim to enhance M Bank's credit assessment system and develop an alternative credit scoring model utilizing non-financial data, creating an AI financial ecosystem that fosters growth for both countries.'
* This article has been translated by AI.
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