NH Nonghyup Bank Forms Alternative Credit Evaluation Alliance with Kakao Pay and Others Joining

NH Nonghyup Capital, Korea Credit Bureau and Others Join Alliance

Joint Projects to Be Carried Out Until Year-end

NH Nonghyup Bank has established the 'NH Credit On' alternative credit evaluation alliance, with participation from companies including Kakao Pay and Korea Credit Bureau.

Taeyoung Kang, President of NH Nonghyup Bank, is taking a commemorative photo on the 15th after signing the "Alliance MOU for Promoting Alternative Credit Evaluation" with representatives from NH Nonghyup Capital, AgileSoda, Earnest AI, KakaoPay, Korea Credit Bureau, Crepas Solution, and Korea Ratings. NH Nonghyup Bank

On July 16, NH Nonghyup Bank announced that eight institutions have signed an 'Alliance Memorandum of Understanding (MOU) for the Activation of Alternative Credit Evaluation.' The eight institutions are NH Nonghyup Bank, NH Nonghyup Capital, Agile Soda, Earnest AI, Kakao Pay, Korea Credit Bureau, Crepas Solution, and Korea Ratings.

This agreement was promoted to actively support the government's commitment to improving the credit evaluation system and its inclusive finance policy, and to effectively realize the value of inclusive finance as advocated by authorities. The participating organizations will discuss ways to promote alternative credit evaluation utilizing non-financial information to support those in financial blind spots, such as people with limited financial data, youth, and small business owners. They will also establish a cooperative system to review business models for the practice of inclusive finance.

The main areas of cooperation include, by participating company, alternative information (such as platform usage, consumption history, and National Tax Service-based data), data profiling and sharing, quantification of unstructured data using artificial intelligence (AI) technology, joint planning and preliminary verification (PoC) of alternative credit evaluation models, multifaceted exploration of high-efficiency alternative information suitable for inclusive finance, preparation of credit evaluation reports, accelerating AI transformation (AX), activating alternative credit evaluation models to create a financial ladder, and building a sustainable alternative credit evaluation ecosystem based on public-private cooperation. The alliance aims to undertake joint projects through the operation of the alliance until the end of this year.

Taeyoung Kang, President of NH Nonghyup Bank, stated, "We will establish a plan to activate a fair and differentiated alternative credit evaluation system by combining the competitiveness of alternative data, modeling capabilities, and innovative AI technology." He added, "We will achieve true inclusive finance and company-wide AI transformation acceleration so that there will be no customers left behind due to insufficient financial history."

This content was produced with the assistance of AI translation services.