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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.

Finance

Banksalad, Sogang University study MyData-based alternative credit scoring

Banksalad is working with Sogang University to analyse the relationship between consumer spending patterns and individual credit risk using MyData, and to develop an alternative credit scoring model based on the findings. The study used about 200,000 card payment records and Banksalad\'s consumption category framework. The company plans to develop the \'Banksalad Score\' with HonestAI and Korea Credit Bureau and pursue commercial use in the financial sector.