Korea Small Business Institute and BC Card Partner for Data-Driven Policy Collaboration for Small Businesses and SMEs

From Policy Design to On-Site Response
Launching a Public-Private Data-Driven Policy Implementation System

The Korea Small Business Institute announced on July 29 that it has signed a business agreement with BC Card to strengthen the self-sustainability of small business owners and small and medium-sized venture companies through data-driven empirical analysis.

The two organizations plan to jointly promote the integration of private and public data resources to: ▲ advance empirical analysis for policy design; ▲ derive field-oriented business strategies; and ▲ expand data-driven support for small business owners and self-employed individuals.

Choi Wonseok, President of BC Card (left), and Cho Joohyun, President of the Small and Medium Business Venture Research Institute, are taking a commemorative photo after signing an agreement. SMBVI

This agreement is regarded as the first step toward establishing a data-driven policy governance system that connects policy formulation with on-site responses. The Korea Small Business Institute plans to systematically build a foundation for empirical research using BC Card's extensive private sector consumption data, leveraging its expertise and experience accumulated in policy research for small and medium-sized enterprises and small business owners.

In addition, the institute aims to resolve information asymmetry between policy demand and supply sides, and to create a "real-time linkage structure between policy and market" that enables agile responses to crisis situations. It plans to develop a policy effectiveness enhancement model using practical data from local commercial districts, traditional markets, and self-employed individuals, and to expand the scope of cooperation into various fields such as distribution, tourism, and startups in the future.

Choi Wonseok, CEO of BC Card, stated, "The collaboration between BC Card and the Korea Small Business Institute is a long-term partnership aimed at contributing to the national mission of developing domestic small business owners and small and medium-sized venture companies," and added, "BC Card will continue to actively cooperate as a data partner in all research activities of the Korea Small Business Institute."

Cho Joohyun, President of the Korea Small Business Institute, said, "This agreement will serve as an opportunity to seek highly effective policy alternatives to strengthen the self-sustainability of small business owners and small and medium-sized venture companies by combining private sector data with policy research," and added, "Through cooperation with BC Card, we will promote data-driven empirical policy research and strengthen field-oriented response systems."