Kyobo Life Insurance affiliates and KakaoBank signed a memorandum of understanding on data cooperation and financial platform projects, officials said Thursday.

KakaoBank, South Korea’s biggest internet-only bank by user base, said it will work with Kyobo Book Centre, the country’s largest bookstore by sales, to develop and upgrade an alternative credit rating model. To do that, the lender plans to research and analyze nonfinancial data such as the history of book purchases by Kyobo Book Centre customers.

Kyobo Life Insurance and Kyobo Securities said they will focus on the projects using KakaoBank’s financial platform.

The three sides will jointly push for various financial products and services such as brokerage account opening services. They will also collaborate on marketing and promotional activities.

Kyobo Life Insurance, Kyobo Securities and KakaoBank added that they plan to come up with financial products that can be offered to people with medium credit or who lack financial histories.

“The collaboration between Kyobo and KakaoBank was made based on mutual trust to combine the strengths of the two companies in lifestyle and finance. We will create the best synergy that contributes to customer convenience and satisfaction,” said Pyeon Jung-beom, co-CEO of Kyobo Life Insurance.

“We will continue to expand cooperation with other industries and companies so that more customers can use financial services in daily life with more convenience. We will fulfill our social responsibility, especially for customers with low and medium credit and lack of financial history,” said Yun Ho-young, CEO of KakaoBank.