Naver Pay announced on the 19th that it has signed a strategic memorandum of understanding (MOU) for providing digital financial services with Korea Investment & Savings Bank. The two companies signed the business agreement at the headquarters of Korea Investment & Savings Bank located in Bundang-gu, Seongnam, Gyeonggi Province.
The two companies promised to establish a cooperative system to discover various collaborative projects and provide users with new innovative experiences. Specifically, they plan to collaborate on: ▲ providing differentiated deposit and lending digital financial services, ▲ offering innovative financial products utilizing data-based alternative credit evaluations, and ▲ mutual cooperation in promoting and marketing to activate both platforms.
Some aspects of the business agreement are already underway. Korea Investment & Savings Bank has applied the Naver Pay alternative credit evaluation model, 'Naver Pay Score,' to personal credit loan products that can be joined through the Naver Pay 'credit loan comparison' service starting in December. This has effectively advanced internal review strategies by offering additional loan limits or interest rate benefits to borrowing customers.
Jo Jae-bak, vice president of Naver Pay, noted, “Through cooperation between the two companies, we can apply Naver Pay’s strengths in data intelligence and platform capabilities to Korea Investment & Savings Bank’s products and services,” and added, “We will actively seek collaboration methods that can lead to a mutual 'win-win' situation for both companies.”