2024.06.28. The Fair Economy — The debtor reporting service, previously available only on public websites and apps, will soon be accessible through private apps as well.
Wello, which provides customized policy recommendation services, announced on the 27th that starting July 3 it will launch the Income-Contingent Loan (ICL) debtor reporting service as part of the digital service opening initiative by the Digital Platform Government Committee and the Ministry of the Interior and Safety.
The ICL debtor reporting service is a system in which borrowers report their own and their spouse's address, workplace, and financial asset information at least once a year and check the remaining loan principal and interest balance as well as repayment records.
Previously, this was only possible on the Korea Student Aid Foundation website or app.
The service was selected as a digital service opening project by the Ministry of the Interior and Safety last year, as public usage frequency and demand for private sector opening grew. Through coordination between Wello and S Woori Bank, the service will be provided via the Wello app and the S Woori Bank WON Banking app to more than one million policy beneficiaries.
In this regard, a demonstration event was held on the 17th at Gimpo International Airport to announce the expansion of the service. Attendees included Lee Sang-min, Minister of the Interior and Safety; Ko Jin, Chair of the Digital Platform Government Committee; the head of the Korea Student Aid Foundation; Kim Yu-ri-an-na, CEO of Wello; and other officials.
On the day, in addition to the commemorative event, Wello operated booths before and after the ceremony where attendees could try out its personalized policy recommendation service. The company demonstrated key features such as customized policies and local news, and also showed a video of the ICL debtor reporting service provided through the digital service opening.
Kim Yu-ri-an-na, CEO of Wello, which provides an AI-powered personalized policy recommendation service, stated, "We are thrilled to offer the ICL debtor reporting service, one of the components of the digital service opening. Along with policy recommendations, Wello is continuously expanding and supporting its direct application service. As a leading Gov-Tech company in Korea, we aim to grow into a platform that can capture the public's voice on policies."
Meanwhile, Wello has seen a steady increase of at least 80% and up to over 700% per quarter in the number of subscribers across all age groups since the first quarter of last year. Due to this rapid growth trend, it is being actively used as a promotional channel for various policies, such as the Ministry of Land, Infrastructure and Transport's "Youth Rent Support Project." Since the 20th, the company has been working with the Seoul Metropolitan Government and relevant departments to inform the public about the "Seoul Basic Income Naming Contest" policy.
Additionally, since March, Wello has been collaborating with various companies, including launching a "Personalized Policy Subsidy Notification Service" through KB Pay in partnership with KB Kookmin Card.
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