The participants led by Chairman Yoon Dae-hee of Kodit clap their hands at the end of a ceremony held on Dec. 28 to announce the launch of Oasis Blue, considered to be the next generation credit information system at Kodit’s head office in Mapo District in Seoul. (Photos: Kodit)

Chairman Yoon Dae-hee of Korea Credit Guarantee Fund(Kodit)

Korea Credit Guarantee Fund (Kodit) said on Dec. 31, 2018, that it launched the Oasis Blue, a next-generation credit information system. The Oasis Blue stands for Optimally Advanced Shinbo Information System and Best Layout for User-friendly Environment.

Kodit began the research in April 2016, on the development of a information system in the upcoming new age of 4th Industrial Revolution to cope with the new age with the customer-friendly open-type system.

The new system was completed by the consortium of Tongyang Networks and Daeshin Information System following their 30-month of hard work with the participation of Kodit.

Oasis Blue realizes a user-friendly business environment and maximizes its effect by allowing the use of both a domestically-produced software and an open source at reduced costs. Kodit will mainly use the new information system to analyze data with Big Data and provide segregated customer services by applying new reformed technologies including fintech.

Kodit aims to analyze its data accumulated over 40 years to find out about the health of various industries, corporate customers in particular their credit conditions and provide tailor-made information to its clients.

By taking advantage of fintech, Kodit will allow its customers conduct some of the transactions online non-face without having to come to the Kodit offices.

Chairman Yoon Dae-hee said OASIS BLUE will open the way for Kodit to provide all kinds of credit information on industries and corporations analyzed by Big Data helping Kodit to reform its customer services. Kodit will focus on the financial policies centered on the customers, the chairman added. Korea Credit Guarantee Fund (Kodit) is a public financial institution established in June 1976 under the provisions of the Kodit Act.

As stipulated in Article 1 of the Act, the main purpose of the fund is to lead a balanced development of the economy by extending credit guarantees for the liabilities of promising small- and medium-sized enterprises (SMEs) which lack tangible collateral.

In an attempt to meet SMEs' demand for financing services, the state-run agency provides enterprises with credit guarantee services for the repayment of liabilities assumed by business enterprises in transactions with other companies or institutions.

The credit guarantee services by the agency are to facilitate the financing of SMEs through the credit guarantees and stimulate the sound credit transaction through the efficient management of credit information.

Kodit's capital funds are the financial resources prerequisite for Kodit to maintain its public trust, to provide credit guarantee, to make payment under guarantees and to earn revenue from managing surplus capital funds.

The main sources of the capital funds are the contributions from the government, financial institutions and enterprises.

According to the Kodit Act, all banks in Korea have to contribute funds to Kodit. These contributions, a main systematic tool for raising capital funds, are calculated on the balances of banks for specific loans at a certain rate not exceeding 0.3 percent per annum.