The Financial Services Commission will introduce a MyData service for small business owners. MyData is a service that consolidates various financial information scattered across different companies, such as deposits, loans, and card usage, into one platform for management. Additionally, there are plans to build a specialized credit evaluation system for small business owners and the self-employed.
On the 24th, the Financial Services Commission held a field meeting chaired by Vice Chairman Kwon Dae-young to improve credit assessments for small business owners utilizing artificial intelligence (AI) and data. This meeting is the third held to listen to voices from the field in support of small businesses, following a directive from the president.
Vice Chairman Kwon noted, "There are limitations to traditional funding methods based on the individual credit of representatives, collateral, guarantees, and finances," adding, "We must seek an entirely new solution by harnessing digital technologies such as AI and data." He further stated, "In addition to existing financial information, various positive information, such as the reputation and business longevity built as an enterprise and future growth potential analyzed through AI technology, will be systematically reflected in credit assessments with institutional support."
The Financial Services Commission will first introduce 'My Business Data' to actively utilize financial, transactional, and public information of individual business owners scattered across various places by integrating and managing it, reflecting it in credit evaluations. My Business Data is designed to act as a one-stop financial assistant throughout the entire process of small businesses, from ‘startup to operations to support after closure’. In the startup phase, it will support successful startups through market analysis and consulting. During the operational phase, it will provide recommendations on policies, sales analysis, interest rates, and product comparisons, and assist in facilitating a smooth closure and restart if difficulties arise. The Financial Services Commission stated that it plans to finalize the introduction plan for My Business Data in the second half of this year and to quickly implement it after amending related laws such as the Credit Information Act next year.
It will also establish a specialized credit evaluation system for small business owners and the self-employed. This system will consolidate and analyze financial, non-financial, and unstructured information of small business owners, sharing it with financial institutions and supporting its use in credit evaluations in a way that benefits the businesses. The Credit Information Center plans to develop the credit evaluation system and calculate its own credit evaluation grades for active use in small business loans. Detailed plans for the establishment of the credit evaluation system will be announced in the second half of this year.
During the meeting, discussions were also held regarding token securities (STO) as a new method for small business owners to raise business funds. The Financial Services Commission stated, "Utilizing token securities can make it easier for small business owners to communicate their businesses to general investors and raise funds under the condition of distributing business profits."