[Comprehensive] 'Cloud Special Mission' SKT Partners with SC Jeil Bank... Building MyData Cloud

[Asia Economy Reporter Seulgina Jo] SK Telecom, together with SC First Bank, is launching the first-ever ‘MyData (Personal Credit Information Management) Cloud’ in the primary financial sector. This ultra-collaboration comes as the era of MyData, known as the ‘financial assistant in your hand,’ begins, highlighting the growing importance of cloud technology capable of utilizing and analyzing massive amounts of data.

This initiative is also the result of aligned interests between SK Telecom CEO Park Jung-ho, who has emphasized pushing all new businesses on a cloud-based platform, and SC First Bank, which aims to become a ‘Cloud First Bank’ to capture the MyData market. SK Telecom plans to further solidify its position in the domestic cloud industry starting with this collaboration.

◆ SKT-SC First Bank, Service Launch by End of July

On the 16th, SK Telecom announced that it signed a contract earlier this month with SC First Bank to build a dedicated MyData cloud. This is the first time in the primary financial sector. MyData refers to a business model where individuals consolidate various credit information scattered across banks, card companies, securities firms, and telecom companies into one company, which then analyzes the data to provide customized services to customers. For example, an AI-based system analyzes a person’s financial behavior patterns, asset formation goals, and age group to recommend financial products. Cloud infrastructure is considered a key component in this process.

SK Telecom will be responsible for building △ cloud infrastructure △ MyData analysis systems △ API data lakes capable of storing vast amounts of data, enabling SC First Bank to efficiently collect and analyze personal information and offer innovative services. Collaborating with industry-leading cloud consulting partner Bespin Global and Microsoft (MS), the cloud will be built on MS Azure, with MyData services scheduled to launch by the end of July. By the end of October, SC First Bank’s mobile banking will be upgraded and provided.

Choi Il-gyu, Head of SK Telecom’s Cloud Company (CO), said, "The primary financial sector’s first MyData public cloud will serve as the foundation for our client’s financial service innovation."

◆ SKT Accelerates Cloud Business

SK Telecom has set a goal to strengthen its position in the domestic cloud industry through this MyData cloud construction project. The company plans to actively collaborate on data with financial sector partners and expand the 5GX MEC (Mobile Edge Cloud) ecosystem. The 5GX MEC, which supports SK Telecom’s cloud capabilities, reduces communication latency by up to 60% and provides uninterrupted cloud services even to users on the move.

This aligns with CEO Park’s ongoing emphasis on "moving all data to the cloud." Park has stressed connecting everything?from upcoming new businesses to employees’ work methods?on a cloud-based platform. This approach reflects a sense of urgency that without big data and cloud-based ‘digital transformation,’ survival in the Fourth Industrial Revolution era is impossible.

Last December, SK Telecom drew significant attention by commercializing the country’s first 5G edge cloud service in partnership with Amazon Web Services (AWS). Following a 37 billion KRW investment in Bespin Global, the company also launched an AI-based ‘Cloud Anomaly Cost Detection Solution’ together with Bespin Global.

Starting this year, SK Telecom will actively promote six major cloud businesses, including AI Contact Centers (AICC), and aims to become an innovation partner for enterprises by combining 5G and cloud technologies. Choi, the company head, stated, "Through continuous technological development, we will become a provider offering comprehensive cloud-related services?from telecommunications to cloud networks and security services?and a partner that supports enterprises’ cloud innovation."