SKT develops converged data products
Scheduled to be provided through the Financial Data Exchange


The financial data market is expected to become more active.

SK Telecom announced on the 11th that it will sign an MOU with the Financial Security Institute, the operator of the Financial Data Exchange (FinDX), for mutual cooperation on telecommunications-finance convergence data.

This partnership was established to foster the development of the data distribution ecosystem in the financial sector, a key pillar of the data industry, amidst the passage of the three data laws in the National Assembly earlier this year and the emphasis on building digital infrastructure, including data, in the Korean New Deal to overcome COVID-19.

SK Telecom plans to develop new data products for financial services by combining telecommunications data with data from the financial sector and provide them to the Financial Data Exchange. It is expected that the combination of telecommunications and financial data will lead to the development of a wider variety of converged data products.

For example, it is possible to develop non-financial indicators capable of evaluating creditworthiness through the combination of telecommunications data, and if the scope of non-financial credit evaluation expands, data products related to support services for medium-interest rate borrowers and small and medium-sized businesses can also be developed.

Furthermore, this collaboration is expected to contribute to the revitalization of the MyData industry, which is emerging as a new service sector following the amendment of the Credit Information Act.

MyData grants individuals the right to collect or transfer various personal credit information, such as bank transactions, credit card usage history, and telecommunications bill payment records, in one place. SK Telecom plans to support MyData operators in utilizing non-financial data by standardizing telecommunications data APIs.

An official from SK Telecom stated, “We will contribute to the revitalization of financial services through various ICT integrations, such as linking SK Open API with the Financial Data Exchange.”

Meanwhile, SK Telecom participated in a consortium-led corporate data analysis project in the distribution and consumption sectors organized by the Ministry of Science and ICT in 2019, and based on this, it is also participating in the distribution and consumption data trading platform (KDX). The project is currently in the process of signing a second-year agreement, and plans are underway to promote the production of converged data and innovative services in the distribution and consumption sectors among participating organizations.