HectoFinancial Launches Business Data Platform 'Dave'... "Declaration of Entry into the Data Market"

[Asia Economy Reporter Jang Hyowon] Techfin company Hecto Financial (formerly Settle Bank, CEO Choi Jongwon) is entering the data market by launching a B2B data marketplace called ‘DAVE’ for corporate clients.

‘DAVE’ is a brand name combining ‘DATA’ and ‘WAVE,’ reflecting Hecto Financial’s commitment to bringing a new change to the data business. Starting with DAVE, Hecto Financial plans to develop an online data market platform business in partnership with CodeF (co-CEOs Seo Seongkwon and Yeo Yongju), which currently holds one of the largest numbers of data APIs in Korea (about 260).

Specifically, it will offer various data products such as ▲financial data including account, card, and insurance information ▲public data such as ID verification and tax payment certificate issuance ▲corporate business data including income and employment information, sales management ▲lifestyle information data such as real estate, automobiles, and personal medical information ▲payment and commerce data including delivery tracking and account verification (1 KRW verification method).

In particular, DAVE features a one-stop service online that supports everything from service information inquiry to development and commercialization support, operation and settlement, and payment, enhancing customer convenience.

Hecto Financial and CodeF aim to evolve into a ‘data hub’ company that not only collects and supplies data but also accumulates and analyzes data to produce additional value, starting with the data API business.

Choi Jongwon, CEO of Hecto Financial, said, “We plan to soon introduce a ‘Data API Reward Marketplace’ model that provides additional mileage to data sellers and buyers through continuous service advancement,” adding, “Through this, we will build a ‘data ecosystem system’ based on an all-in-one data platform.”

Meanwhile, Hecto Financial acquired the data brokerage solution company CodeF in May. CodeF is an intermediary institution distributing various domestic and international data in finance, asset management, healthcare, etc., supplying solutions to commercial banks, financial companies, and large fintech firms.

CodeF obtained the full license for Personal Credit Information Management (MyData) business from the Financial Services Commission in December last year and commercially launched the service ‘Pinpong,’ which provides insurance benefit information.

Hecto Financial plans to accelerate the expansion of the data market by maximizing the synergy between its financial network capabilities and CodeF’s data business expertise.