SK, Hana Financial groups to jointly develop credit rating model

South Korea’s SK Group and Hana Financial Group are jointly developing a next-generation credit rating model for the financially disadvantaged via the integration of telecommunications and financial data.

SK Telecom Co., SK Broadband and the online retailer 11st on Tuesday signed a deal with Hana Bank, Hana Securities and Hana Card on a business project integrating telecommunications, finance, media and distribution data.

The six companies will create a next-generation credit rating model for the financially underprivileged by integrating cross-industry customer data registered under pseudonyms, as well as promote the development of new data-based products combining telecommunications and finance.

If each company's data is used for personal credit checks, this will benefit people with an insufficient credit history such as college students, youth entering adulthood, housewives and retirees.

Hana Financial will use the new model after its completion to review applications for personal loans.

The companies will apply mobile communications and financial and online data to the integration of pseudonymous data, or the processing and combination of commonly held information under aliases by data processors.

In addition, each company will streamline its telecommunications and financial products through data integration and search for new business models and data-driven items like product targeting customized for each customer.

Write to Seung-Woo Lee at leeswoo@hankyung.com