Real-time Non-face-to-face Screening of Electronic Notes and Accounts Receivable Using Big Data and AI

[Asia Economy Reporter Kim Hyo-jin] A service that uses big data and artificial intelligence (AI) to conduct real-time non-face-to-face screening and discounting of electronic promissory notes and accounts receivable is being piloted.

The Financial Services Commission announced on the 2nd that it selected a fintech company as a designated agent to perform this service at the Designated Agent Screening Committee.

A designated agent is a system where fintech companies are entrusted by financial institutions with core tasks such as loan and card issuance screening or insurance contract changes for up to two years to pilot innovative ideas.

Accordingly, NICE Business Platform has been entrusted by Mirae Asset Capital to provide screening services for electronic promissory notes and accounts receivable.

The financial authorities expect that by screening electronic promissory notes and accounts receivable online in real time through an alternative credit evaluation system using various information, small and medium-sized enterprises will have expanded funding opportunities and reduced interest burdens.

Since May 2018, the number of designated agents selected has increased to 28. So far, 10 contracts for entrusted services have been signed to pilot the designated services.

During the first half of this year, 11 additional entrusted service contracts are expected to be signed, with 3 more by the end of the year.