Han Mun-seung, Deputy Minister of Korea Information & Communication (on the left), and Moon Jae-nam, CEO of Communication Alternative Evaluation./Courtesy of Korea Information & Communication

The Korea Information & Communication Association (KAIT) announced on the 24th that it has signed a memorandum of understanding (MOU) to enhance financial accessibility for users of alternative telecom evaluations and low-cost mobile virtual network operators (MVNOs).

Those with limited financial transaction histories, such as new graduates, housewives, seniors, and foreigners, find it difficult to receive credit evaluations. KAIT plans to support financially vulnerable individuals who struggle to obtain credit evaluations based on existing financial information through the alternative telecom evaluation and this agreement. The intent is to provide services that allow for credit evaluations and financial benefits using telecommunications information.

Both sides agreed to promote ▲enhanced financial accessibility for telecom users ▲the discovery of financial crime prevention services mediated by telecommunications ▲mutual cooperation for the advancement and protection of telecom user rights.

The alternative telecom evaluation provides credit evaluation services that utilize non-financial information, specifically telecommunications data. Due to limitations in the collection system of MVNO telecom information, there were difficulties in providing credit evaluations and financial benefits based on user information.

As a central agency for credit information in the telecommunications sector, the association plans to actively cooperate with the alternative telecom evaluation to ensure that low-cost telecom users can also receive credit evaluations and financial benefits by leveraging the information and system infrastructure it manages.

Han Moon-seung, the Deputy Minister of KAIT, said, "This agreement is significant in that it allows low-cost mobile users to receive financial benefits through the utilization of telecom information," and added, "The association will strive to enhance user rights as well as to discover services for preventing telecom and financial crimes like voice phishing through continuous collaboration with financial institutions."

Moon Jae-nam, the representative for the alternative telecom evaluation, stated, "Through this agreement, we have laid the groundwork to expand credit evaluation services not only for customers of the three major telecom companies but also for low-cost telecom customers," and expressed confidence that it will serve as a turning point in building a national credit evaluation ecosystem using non-financial data.