HectoFinancial Subsidiary CodeF Changes Name to 'HectoData'

Techfin company Hecto Financial (formerly Settle Bank) announced on the 10th that it will change the name of its subsidiary ‘CodeF’ to ‘Hecto Data’ and officially integrate its payment business with data.

Hecto Financial began focusing on the data business last year by acquiring the data platform company CodeF in the fourth quarter and launching the online data market ‘DAVE,’ aiming to become a ‘data hub’ company. Going forward, Hecto Data plans to evolve into a total data service platform company that leads the data market, covering everything from data creation and provision to customized consulting for customers.

Choi Jongwon, CEO of Hecto Financial, said, “We launched Hecto Data to secure expertise and rapid execution capabilities in the data business and to improve management efficiency. Hecto Financial will continue to grow by fostering new growth engines such as data and platforms based on stable revenue generation from its existing payment-related business.”

Kim Kyungtae, CEO of Hecto Data, explained, “Hecto Data will transform the data sales-centered market by introducing a ‘Data API Reward Market’ model that provides benefits to data sellers and buyers for data registration and sales. Through this, we will lead the market by building a ‘data ecosystem system’ based on an all-in-one data platform.”

Launched last year, ‘DAVE’ is a data brokerage service that sells data from various institutions such as finance, public sector, cards, insurance, securities, and telecommunications through APIs (Application Programming Interfaces, standards for exchanging data between applications). Customers can easily and quickly implement various services such as fintech and healthcare using DAVE.

DAVE holds more than 271 API products, the largest scale in Korea, and plans to offer various data products such as ▲financial data including accounts, cards, and insurance ▲public data such as identity verification and tax payment certificates ▲corporate data including income and employment information, sales management ▲lifestyle information data such as real estate, automobiles, and personal medical information ▲payment and commerce data such as delivery tracking and account authentication.