The National Pension Service (NPS) of the Republic of Korea developed a credit rating model that reflects national pension payment information to support the economic activities of the financially marginalized who lack financial transaction experience such as the young generation, providing financial benefits such as lowered interest rates on loans to honest national pension payers.
The service is provided by using homomorphic encryption method, which combines and analyses data in encryption mode for the purpose of protecting personal data (NPS payment information, credit information).
Homomorphic encryption is a form of encryption that computes and analyses encrypted data, thereby blocking personal data leakage at the source.
The purpose is to encourage more national pension subscriptions and honest pension payments, contributing to resolving the blind spots in the pension scheme and enhancing vitality of the economy.