Hyundai Motor·Kia Collaborate with Finda and Hana Bank to Develop Connected Car-Based Financial Products

Information Collected from Vehicles Provided via Open Platform... Development of Financial Products Based on Connected Cars, etc.

[Asia Economy Reporter Yu Je-hoon] Hyundai Motor Company and Kia are collaborating with fintech company FINDA and Hana Bank to develop specialized financial products utilizing connected car data.

Hyundai Motor Company and Kia announced on the 18th that they have signed a memorandum of understanding (MOU) with FINDA and Hana Bank regarding the "Hyundai Motor Company and Kia Connected Car-Based Financial Product Development and New Business Discovery Partnership." Attending the signing ceremony were Jung Heon-taek, Executive Director of Hyundai Motor Company and Kia's Transportation as a Service (TaaS) Headquarters, FINDA co-CEOs Lee Hye-min and Park Hong-min, and Kim So-jung, Vice President of Hana Bank's Digital Retail Group.

Under this agreement, Hyundai Motor Company and Kia will process various data collected from their connected cars, such as driving information, vehicle status, and driving habits, into application programming interfaces (APIs) and provide them through vehicle data open platforms including Hyundai, Kia, and Genesis Developers.

FINDA will handle customer acquisition through financial intermediary channels and database management of customer information, while Hana Bank will be responsible for developing connected car-based financial products and providing loan interest rate data.

Executive Director Jung stated, "We aim to provide differentiated services to customers by actively collaborating based on data with leading companies from different industries," adding, "We will proactively respond to changes in the future mobility ecosystem by discovering new business opportunities."

Meanwhile, Hyundai Motor Company and Kia have been actively engaging in data utilization businesses, such as developing usage-based insurance (UBI) products based on customers' driving habits in cooperation with Hyundai Marine & Fire Insurance and KB Insurance, and sharing data from Developers with startups providing vehicle-related services like Michael, Oilnow, and CarTax.