Naver Financial will handle loan screening for mid- to low-credit borrowers at Kbank and Welcome Savings Bank using nonfinancial data.
The Financial Services Commission said on the 26th that it designated Naver Financial as a designated agent. As a designated agent, Naver Financial will be able to operate financial tasks entrusted by financial companies.
The tasks entrusted to Naver Financial are a "nonfinancial data-based unsecured loan screening service for the financially underserved." Naver Financial will use nonfinancial data to conduct alternative credit assessments for small business owners and mid- to low-credit borrowers, and Kbank and Welcome Savings Bank will extend loans based on those results.
For nonfinancial data, sole proprietors' Smart Store visitor counts and sales amounts, and individuals' payment and content creation records, will be used.
The Financial Services Commission said, "When this service is implemented, we expect that funding opportunities will expand for small business owners and mid- to low-credit borrowers who have had difficulty receiving sufficient evaluations based solely on conventional, financial information-centered credit assessments."