KFTC and IBK Collaborate to 'Discover New Data Businesses and Strengthen Digital Competitiveness'

Contributing to the Advancement of the Financial Industry
Through Data Talent Exchange Between the Two Institutions

▲ Kim Kwang-hwi, Head of the Financial Information Division at the Korea Financial Telecommunications and Clearings Institute (left), and Kim Hyung-il, Executive Director of IBK Industrial Bank, are posing for a commemorative photo after signing a "Talent Exchange Agreement for Discovering New Data Businesses and Strengthening Digital Competitiveness" at the headquarters of the Korea Financial Telecommunications and Clearings Institute on the 10th. Photo by Korea Financial Telecommunications and Clearings Institute.

The Korea Financial Telecommunications and Clearings Institute (KFTC) announced on the 11th that it has signed a talent exchange memorandum of understanding (MOU) with IBK Industrial Bank of Korea to discover new data businesses and strengthen digital competitiveness.

The signing ceremony took place at the KFTC headquarters, attended by key officials including Kim Kwang-hwi, Head of the Financial Information Division at KFTC, and Kim Hyung-il, Executive Director of IBK Industrial Bank of Korea.

The two institutions have already experienced tangible synergy effects through two previous agreements, such as discovering models to expand support for small and medium-sized enterprises (SMEs) using corporate promissory notes and bond payment information. This led to the decision to promote talent exchange in data to enable closer and faster collaboration.

This agreement is characterized by combining KFTC’s vast integrated data and advanced analytics infrastructure with IBK Industrial Bank’s field experience. Through cooperation between the data experts of both organizations, it is expected to be possible to discover financial data services that actively reflect the needs of corporate clients.

Kim Kwang-hwi, Head of KFTC’s Financial Information Division, said, "This agreement is significant in that a financial infrastructure provider and a financial company jointly work to discover data services that can enhance customer value. We hope it will set a good precedent for how the financial sector, preparing for the AI era, can discover new services and satisfy customers."

Kim Hyung-il, Executive Director of IBK, stated, "It is meaningful to directly communicate on-site with the partner institution to discover new businesses. We plan to continuously expand various forms of cooperation, including talent exchange in data."

KFTC plans to share the outcomes of this collaboration with all financial companies to lay the foundation for discovering new joint data services in the financial sector, expand financial data cooperation models, and actively contribute to advancing Korea’s financial innovation infrastructure and securing financial data competitiveness.