Shinhan Card Launches 6 New CB Products for Individual Entrepreneurs... Holds Briefing Session

Introducing Six Differentiated New CB Products Including the Industry's First 'Repayment Ability Estimation Model'

[Asia Economy Reporter Yu Je-hoon] Shinhan Card is launching six new credit bureau (CB) products for individual business owners and will hold a product briefing session.

Shinhan Card announced on the 27th that it will hold a new individual business owner CB product briefing session at the VOCO Hotel in Gangnam-gu, Seoul on the 30th.

At the product briefing, explanations will be given on products such as the industry's first "Repayment Ability Estimation Model," which conducts credit evaluation based on disposable income calculated by subtracting total expenses from total income, a new individual business owner credit evaluation model that actively utilizes non-financial data, and the "Online Merchant Profile Service," which provides monthly sales data of 750,000 online businesses.

Additionally, Penny Royce, a consulting firm that has been developing risk models for financial institutions, will participate to discuss use cases of these products as well as the status of online and offline businesses after the pandemic. Financial institutions and non-financial companies interested in the product briefing can pre-register on the pre-registration website, and participation is free of charge.

Meanwhile, Shinhan Card obtained the first full license for individual business owner credit evaluation among financial institutions in September last year, backed by payment data of 300 million transactions per month from 3 million merchants specialized in credit card companies and years of modeling expertise.

Since then, Shinhan Card has consecutively launched eight notable CB products in the market, including sales estimation models, stability evaluation models that predict business suspension or closure six months in advance, the Merchant Profile Service (MPS) that diagnoses the management status of stores, and the industry's first Delivery Merchant Profile Service that tracks food delivery sales.

The company explained that these new products have been recognized for their marketability and are being applied by major companies in banking, card, savings bank, and capital industries for developing SOHO models, segmenting mid-interest loan targets, enhancing screening strategies, and monitoring the management status of loan businesses.

A Shinhan Card official said, "The launch of these new individual business owner CB products is significant as part of a new growth engine that breaks down the boundaries of the card industry and seeks new growth opportunities," adding, "We will continue to discover innovative financial services with high growth potential in line with Shinhan Financial Group’s vision of ‘Easier, More Comfortable, and Newer Finance.’"