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Published2017.10.18 17:25Financial exclusion? Let's solve it with alternative assessments!
Credit ratings based solely on financial transaction information contribute to financial exclusion. Risky individuals and those "associated with potentially risky groups" are often dismissed. crePASS offers financial institutions a new risk assessment system using machine learning and algorithms. Kim Min-jung, CEO of crePASS, stated that the company developed an alternative assessment platform with the mission of "analyzing customers' digital behavior to provide additional financial opportunities at mid-interest rates." While factors such as student loan availability, mortgage loan history, and credit card usage history were previously considered when evaluating a new graduate, CrePASS's alternative assessment can incorporate on-time mobile phone bill payments into the credit rating. The official said, “When loans were provided based on data analysis of these users’ behavioral patterns, the actual repayment rate was also excellent.”
Not sure where to invest? AI consultants!
Robo-advisors, which analyze data and recommend and manage funds without human intervention, are appearing one after another in financial institutions.
Photo source: Bullio website
If you're seeking high returns, SBCN's robo-advisor is also available. It categorizes clients into active, risk-neutral, and safety-seeking types and selects investment strategies and stocks based on market conditions. SBCN offers services ranging from investment information provision to asset management, algorithmic trading strategy development, and automated trading.
Here's a service that helps you find loans, finance, and even customized insurance and credit cards. It's called Panda, the TripAdvisor of the financial world. Gather financial products and find related products online and offline within 1 minute.
Not quite ready yet? Let's start with points.
Paya operates an application called "Financial Snack," which aims to increase understanding of the financial markets among young people uninterested in stocks and funds, as well as the general public with limited investment assets. Participants can stake their dormant points and take quizzes on domestic and international stocks, futures, and bonds, earning additional points for correct answers. Frequent use of Financial Snack allows users to gauge whether their investment style is aggressive or stable.
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[Country Analysis] Fintech Overseas Expansion: Which Countries Are Advantageous?
A venue has been established to support domestic fintech companies' expansion into overseas markets. The Fintech Security/Authentication Technology Support Center of the Korea Internet & Security Agency analyzes market conditions in target countries for overseas expansion, recruits companies seeking to enter these markets, and provides both pre-entry and on-site support. On the 31st, a session was organized to share fintech status analysis information for Vietnam, Indonesia, Thailand, the Philippines, and Myanmar to support market entry into Southeast Asia. Companies seeking to expand among the five Southeast Asian countries will select two countries. Regarding the selection of Vietnam, Indonesia, Thailand, the Philippines, and Myanmar as candidate countries, Jin-heon Choi, Executive Director of Bridging Group Korea, stated, "We replaced Malaysia with Myanmar among the five Southeast Asian countries," and explained, "Malaysia is an Islamic country where the financial system differs from ours. Domestic companies are also excluding Malaysia." He provided explanations on the fintech industry status, government policies, major players, and market entry strategies for each country.
2017.08.02by 김지혜 기자
[Reporter's Notebook] Activating Domestic Fintech: Which Comes First, the Chicken or the Egg?
In the mobile finance industry, China is recognized as an advanced nation. This is understandable given that among the world's top fintech companies, Chinese firms (including Ant Financial) occupy the top position and 4 out of the top 5 companies are Chinese. China ranks first globally in fintech user digital population penetration at 69%, accounting for over 700 million people (what is even more remarkable is that there exists a population nearly equal to that figure). China's mobile online payment population stands at 470 million, and among the five major fintech sectors—remittance/payment, financial planning, savings/investment, lending, and insurance—China holds the top position in four of these categories.
2017.08.28by 신윤오 기자
Infosonic Delivers Payment Information via Sound
"It's a technology that transmits information like QR codes. The difference is that it uses inaudible sound waves. It's safer and more convenient than QR codes." InfoSonic's CTO Lee Dong-ho made this statement while presenting 'Sonic Code', a fintech technology utilizing inaudible sound waves. Sonic Code is a technology that embeds transaction request information in encrypted sound waves transmitted through a speaker, receives the information through a smartphone's microphone to perform user authentication, and processes payment. The transmission technologies previously used in fintech were Near Field Communication (NFC), iBeacon, and Bluetooth. To utilize these transmission technologies, dedicated devices or tags are required, and there are security concerns. Sonic Code uses inaudible sound waves—patterns in ultrasonic frequency bands imperceptible to human hearing—making implementation possible with only an internet connection, speaker, and microphone, without requiring dedicated terminals or the latest mobile devices.
2017.10.12by 김지혜 기자
The financial services industry is the most active in adopting hybrid cloud.
Nutanix announced the cloud adoption status and outlook for the financial services industry through its Enterprise Cloud Index report. According to a survey of current hybrid cloud adoption rates by industry, the financial services industry's hybrid cloud adoption rate was 21%, which was higher than the industry average of 18.5%. Financial services companies are facing the challenge of providing differentiated experiences to customers through methods such as leveraging emerging technologies like blockchain, while simultaneously simplifying operations.
2019.04.02by 이수민 기자
IBM Blockchain World Wire… Real-time global financial payment network expands to over 50 countries worldwide
IBM announced on the 19th the expansion of IBM Blockchain World Wire, a real-time global financial settlement network for financial institutions. World Wire was developed to accelerate and optimize foreign exchange transactions and cross-border payment and remittance speeds. Additionally, it integrates payment message transmission, clearing, and settlement procedures into a single network while supporting network participants in selecting various types of digital assets for settlement. Starting from the 19th, the payment service area will be expanded to 72 countries, including 47 global currencies and 44 financial endpoints. Busan Bank became the first domestic bank to join World Wire.
2019.03.19by 이수민 기자
