NH Nonghyup Bank and 11st Join Hands for Joint Marketing and Financial-Commerce Collaboration

On the 22nd, at the NH Digital Innovation Campus located in Seocho-gu, Seoul, Lee Sang-rae, Vice President of the Digital Finance Division at NongHyup Bank (left), and Park Jun-young, Head of the Strategic Business Group at 11st, signed a business agreement and took a commemorative photo.

[Asia Economy Reporter Park Sun-mi] NH Nonghyup Bank announced on the 23rd that it signed a business agreement with e-commerce company 11st at the NH Digital Innovation Campus in Seocho-gu, Seoul, to discover innovative financial-commerce convergence services.

The main contents of this agreement are ▲ joint development of innovative services based on the convergence of financial and distribution data ▲ cooperation in promoting the MyData business ▲ development of innovative financial products through heterogeneous data convergence ▲ joint customer marketing through both companies' platforms.

The two companies agreed to build a credit evaluation (CB) model combining Nonghyup Bank's financial data and 11st's distribution data, and to cooperate in advancing data-driven personalized product recommendation services. In addition, starting from the end of this month, they plan to promote various collaborative projects, including a joint promotion of Nonghyup Bank's simple payment (pay) dedicated account, the ‘NH Paymoa Account,’ through 11st and the SK Pay platform.

Furthermore, they are planning various collaborative cases that can create mutual synergy, such as considering 11st's participation in the ‘Nonghyup Consortium,’ which was selected as a financial sector operator for the 2020 MyData demonstration service support project led by the Ministry of Science and ICT.

Lee Sang-rae, Vice President of the Digital Finance Division at Nonghyup Bank, said, “Through this agreement, we will discover data business cooperation models utilizing both companies' data infrastructure to create a win-win synergy effect.”