Press Release

Build a new mobility ecosystem via synergy between financial and telecom companies HCS-KT signed an MOU to ‘develop finance and services utilizing AI devices’ 2018.05.09
Hyundai Capital Services (HCS, CEO Ted Chung) announced on 9th that it signed an MOU with Korea Telecom (KT) to develop finance and services utilizing voice recognition-based AI devices for vehicles. On May 8th, an MOU signing ceremony was held at HCS HQ in Yeouido, Seoul between HCS and KT. The MOU was signed by Byung-hui Lee, Senior Vice President of HCS and Pil-jai Lee, Executive Vice President of KT in an effort to contribute to the development and distribution of AI devices for vehicles and to develop new finance and services. First, HCS and KT will develop In-Vehicle Infotainment (IVI) devices based on KT’s AI GiGa Genie. The device to be developed will apply to HCS’s auto finance and lease vehicles. Then based on operation data to be accumulated, personalized services and finance-specific products will be developed. The parties have also agreed to cooperate with ‘Delivery Car’, a car-sharing plat, which is a win-win model that is run with small and medium-sized rental car companies to add new services and promotion like AI car-sharing services to enhance customer friendliness. In this cooperation model, competences that are unique to a financial company and a telecom company will be fully leveraged. KT’s AI and communications technologies and infrastructure will be combined with HCS’s finance knowhow and digital competences to differentiate the services. HCS expects to offer benefits in financing from this cooperation such as lower lease payments for those who have driven cars safely. Also they will offer diverse types of ination that analyze driving behaviors and personalized services such as notification of estimated time for vehicle maintenance. Also services utilizing voice recognition technologies and car-sharing plat will be unveiled. The combination of KT’s Giga Genie and HCS’s Delivery Car, a car-sharing plat, will enable the customer to book a vehicle and get it delivered at home by using their voices. The user can enjoy the car-sharing service more conveniently because he can use voice recognition-based services through AI. On top of it, co-promotion will be run to offer coupon discounts to KT membership customers who subscribe to the Delivery Car service and allow them to redeem KT membership points. An HCS official said, “HCS joined hands with KT in order to take another leap forward in auto finance in the rapidly changing auto market. Starting from this MOU, both parties will upgrade finance and car-sharing services through continuous service development and contents planning.”