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| SC Bank Korea CEO Park Jong-bok |
SC Bank Korea has signed a memorandum of understanding with Bank Salad, a digital platform operated by Rainist, to boost effective data management, it said Tuesday.
Under the agreement, the two will boost efforts to maximize "My Data," a popular customer service which enables easy management of personal financial data offered to banks, card firms or other financial entities.
It will also offer tailored asset management advice including financial investments based on personal interests.
"Bank Salad, with a vast amount of customer data is the industry leader in personal data management, and we believe the cooperation will be to our mutual benefit," a SC official said.
Through the alliance, SC will soon provide services related to application programming interface (API), an intermediary that enables a software program to interact with other software.
"Open API," an initiative spearheaded by the financial authorities, will help establish a publicly available application programming interface.
This will help boost competition among conventional financial services providers and fintechs with better, faster, more user-friendly interfaces.
