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Finance

KakaoPay, SBI Savings Bank and KCB expand inclusive finance with alternative credit scoring

KakaoPay will work with SBI Savings Bank and Korea Credit Bureau (KCB) to develop and run financial products for mid-to-low credit borrowers and people with limited credit histories using the alternative credit scoring model KakaoPay Score. SBI Savings Bank will incorporate the score into its lending review strategy and process. KakaoPay will handle product brokerage and customer contact through its platform, while KCB will provide analysis and consulting to upgrade the model.

Finance

KakaoPay launches credit management for sole proprietors, adds pre-check on loan approval odds

KakaoPay launched a credit management service for sole proprietors that lets users check business credit scores and view loan, card and delinquency information in one place. The service also offers a pre-check function that allows users to see approval chances by product before applying for a business loan. KakaoPay provides the service in partnership with Korea Credit Bureau, combining KCB credit assessment data with its platform. KakaoPay also said it would support Seoul Pay Plus payments.

Finance

KakaoPay joins NH NongHyup Bank alternative credit scoring model development

KakaoPay will join a NH NongHyup Bank-led consortium to develop an alternative credit scoring model using MyData and payment and remittance information. The companies signed a multilateral memorandum of understanding on July 15 at NH NongHyup Bank\'s new building in Seoul, KakaoPay said on Wednesday. Participants will combine non-financial data, credit scoring modelling capabilities and AI technology to build a joint model for use in financial products.