The financial authorities will introduce a customized MyData service and credit assessment system for small business owners and self-employed individuals. They also plan to pursue a method for small business owners to raise business funds using token securities (STO).
On the 25th, the Financial Services Commission held a field meeting at the Kakao Bank Pangyo Office in Seongnam City, presided over by Vice Chairman Kwon Dae-young, to discuss the "Improvement Direction for Small Business Owner Credit Assessment Using Artificial Intelligence (AI) and Data". Vice Chairman Kwon emphasized, "There are limitations to the traditional method of fund supply based on the individual representative's credit, collateral, guarantees, or finances" and "We must mobilize all digital technologies such as AI and data to seek a completely new solution".
This means establishing a system where various information, such as non-standard information like business reputation and business history, and future growth potential analyzed using AI technology, can be systematically reflected in credit assessment beyond existing financial information.
The Financial Services Commission has decided to introduce 'My Business Data', a MyData service dedicated to individual business owners. This service is designed to allow individual business owners to integrate and manage their scattered financial information, trade information, and public information, and reflect these in credit assessment.
In the startup stage, it can support successful entrepreneurship through market analysis and initial consulting. In the business stage, it can perform policy fund recommendations, sales analysis, and interest rate comparison recommendations. If the business becomes difficult, it can also help with smooth business closure and re-establishment. Beyond simple credit information inquiry and management, it plans to amend related laws to enable 'financial agency roles' that exercise financial legal rights on behalf of individual business owners and deliver results.
The Financial Services Commission plans to finalize the introduction of My Business Data this year and pursue amendments to related laws such as the Credit Information Act next year. The Credit Information Center announced a plan to establish a Small Business and Self-Employed Integrated Information Center (SDB) to integrate and manage scattered positive information for small business owners and self-employed individuals.
The integrated information center will concentrate, manage, and analyze financial, non-financial, and non-standard information of small business owners and self-employed individuals, share it with the financial sector, and support them in receiving credit assessments favorable to business owners. This measure is based on the point that individual business owners have characteristics mixed between individuals and businesses, making advanced credit assessment difficult, which has prevented financial companies from actively handling personal business owner credit loans. Detailed plans for establishing a small business owner-specific credit assessment system will be announced in the second half of the year.
A method for small business owners to raise business funds through token securities was also discussed. By using token securities, small business owners can easily raise funds by introducing their business to general investors and sharing business profits.
Vice Chairman Kwon stated, "We will create policies so that the use of digital technologies such as AI and data in the financial sector becomes a practical opportunity to solve on-site problems for small business owners and can become a new growth engine for our economy".
