SK Telecom partners with local bank to establish cloud platform for integrated credit information service

SEOUL -- South Korea's top mobile carrier SK Telecom will jointly establish a cloud platform with Standard Chartered Bank Korea to provide a one-stop integrated credit information service. Similar convenient services were exclusively offered by online-only banks.

SK Telecom (SKT) said in a statement on February 16 that the mobile carrier will co-establish "MyData Cloud," a cloud storage solution for credit information services, in cooperation with Standard Chartered Bank Korea. "We hope that the first MyData public cloud in the top-tier financial sector will be the foundation for innovation in financial services," Choi Il-gyu, who is in charge of SKT's cloud service, was quoted as saying.

Many cloud providers have data centers deployed across multiple regions. MyData is a service that collects and shows personal credit information scattered through financial companies and others in one place. SKT will establish the one-stop credit information cloud system using Microsoft Azure, a cloud computing service, by the end of July. 

One-stop credit information services currently provided by South Korean online banks offer a one-stop, all-in-one convenient user experience for customers. By using mobile banking apps, customers can check their credit information including their bank balance, loan information, and real-time credit levels, as well as ordinary banking services such as money transfer.

SKT has strengthened its cloud business. In December 2020, the company joined hands with AWS (Amazon Web Services), a subsidiary of Amazon, to commercialize 5G-based mobile edge computing (MEC) that delivers low-latency networks to mobile and connected devices while improving data throughput, reliability, power efficiency and security.