Private Data Dam 'Grande Data' Expands to Finance and Broadcasting Sectors

New Participation of Korea Financial Telecommunications & Clearings Institute, Korea Financial Security Institute, and SKB

SK Telecom, Shinhan Card, Korea Credit Bureau (KCB), and other private companies' data cooperation alliance, 'GranData,' will expand into the financial and broadcasting sectors.

On the 11th, SK Telecom announced that on the 12th, it will sign a GranData business agreement with Shinhan Card, KCB, the Korea Financial Telecommunications & Clearings Institute, the Financial Security Institute, and SK Broadband at the SK T-Tower in Jung-gu, Seoul.

The GranData project was launched in 2021 by SK Telecom, Shinhan Card, KCB, and others with the purpose of collecting and utilizing private data to support data-driven decision-making in the public and inter-sectoral fields. It is referred to as a 'data dam,' analogous to building a dam to store water and supply it for various uses.

The various data produced by GranData are utilized in public welfare policies such as ▲analysis of the quality of life of single-person households in Seoul ▲information imbalance among the elderly ▲formulation of support policies for vulnerable tourists. GranData is also expanding its scope to various private sectors including finance, distribution, and manufacturing.

With this agreement, new partners Korea Financial Telecommunications & Clearings Institute and SK Broadband will add financial settlement information and broadcasting viewership statistics, respectively. This is expected to enable the development of various customized products and services. It is anticipated to be useful for developing tailored savings and deposit products targeting people who enjoy a travel lifestyle or dream of world travel after early retirement.

The Financial Security Institute, as a security-specialized organization, will provide a platform that ensures the security and safe transmission of data produced by GranData. Using this, it will strengthen the security of participating companies' data and support companies aiming to enter the data business to operate in a safer environment.

SKT plans not only to continuously expand the data dam but also to focus on securing data necessary for advanced technology fields such as data standardization, artificial intelligence, and machine learning.