South Korean operators joined forces with two local credit agencies, outlining plans to establish a joint venture to improve access to financial transaction data.
SK Telecom, KT and LG Uplus signed an agreement with the Korea Credit Bureau (KCB) and SGI Seoul Guarantee to move into the professional personal credit rating business, with plans to develop a range of financial services.
In a translated release, the companies explained their objective is to increase loan limits and lower interest rates for the financially disadvantaged with limited access to services due to a lack of a credit history.
The operators will each take a 26 per cent stake in the JV, with KCR and SGI Seoul Guarantee 11 per cent apiece.
SGI Seoul Guarantee will provide assurances for those with insufficient financial histories using new data sets developed by the JV.