Acquired a Patent related to MyData … Strengthen a Competitiveness of MyData
Coocon’s ‘API for inquiring Credit Line and Interest Rate’ is used to realize check and comparison of personalized loan
Provided by Coocon
Coocon (CEO Jong-hyun Kim) a company specializing in providing business data announced on 15th that it acquired a patent related to inquiry service on credit line and interest rate which is the core of personalized loan’s inquiry and comparison service.
The patent ‘Simple loan service system and method and computer program for it’ is a technology that receives inquiry requests about credit line and interest rate from fintech companies and relays them to financial institutions to provide corresponding loan product information.
Based on this technology Coocon provides the ‘API for inquiring Credit Line and Interest Rate’. Through this fintech companies can implement a service that allows users to search and compare customized loan product in real time. It is receiving high praise among adopters because it can be quickly established through a Coocon’s exclusive network directly connected to financial institutions without the need to discuss link and develop with various financial institutions.
Currently most of the loan inquiry and comparison services are equipped with Coocon’s API. Representative companies which are equipped with the API are KakaoPay Toss Bank Salad and Pinda. Recently Hyndai Card launched a loan comparison service for the first time in a financial company using the Coocon API.
This patented technology is expected to be widely applied to fintech and financial companies. Innovative financial businesses designated by the Financial Services Commission which mainly use patented technologies are continuously being increased. From March 2021 the enforcement of the Financial Consumer Protection will provide an institutional mechanism for financial companies to operate loan comparison services.
Existing financial companies could not able to introduce loan products from other institutions but after March 2021 they can operate the loan comparison service on online platform only.
CEO Jong-hyun Kim said that “As the market for personalized services using data expands we expect a lot of companies to use Coocon’s technology. Coocon will do its best to strengthen its role as a data collection and provision company in the MyData market.”
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