Techfin Ratings, a fintech-focused affiliate of Duzon Bizon, launched on Wednesday a “monthly financial statements” calculation service that enables companies’ financial soundness to be identified on a monthly basis, it said.

The monthly financial statements service focuses on strengthening data timeliness by subdividing existing corporate evaluation methods, which have relied on once-a-year settlement data, into monthly units. Techfin Ratings aims to provide data infrastructure that can be used for corporate finance assessments and to actively support the financial sector’s implementation of productive and inclusive finance.

The service is based on an artificial intelligence algorithm Duzon Bizon developed in-house using bookkeeping data as the foundation. The company said the AI algorithm achieved more than 90 percent consistency based on operating profit after carrying out large-scale data cleansing and accuracy verification during a development process that lasted more than a year.

Techfin Ratings also recently signed a monthly-financial-statements-based data supply contract with Shinhan Bank. Under the contract, it will provide monthly financial statement calculation data and plans to gradually expand the scope of related data provision. A Techfin Ratings official said monthly financial statements are an indicator that shows a company’s current strength, not a report card of past performance. The official said it will establish itself as an unprecedented corporate finance data infrastructure that offers funding opportunities to financially underserved companies and provides more accurate risk management for financial institutions.