It will create a financial data exchange for financial players in the country.
As part of the government’s move to build the digital economy, Korea’s Financial Services Commission (FSC) will establish a financial big data infrastructure which will include an open data system by Korea Credit Information Services (KCIS), the creation of a financial data exchange by Financial Security Institute (FSI), and the designation of a specialised agency for financial data to ensure safe use and combination of data across sectors.
The open data system by the KCIS will be called ‘CreDB’, and will gradually welcomefintech firms, financial companies and research institutions. From June 2019, it will open a sample of de-identified data which will include the credit information of two million people, including their bank loans, late payment records or credit card accounts.
“The scope of data sharing will be gradually expanded to include credit information with insurance companies and corporate credit information,” FSC explained.
By H2 2019, CreDB will also provide universities and other educational institutions with synthetic data, a copy of original data, for research and training purposes. The scheme will be opened further in the first half of 2020 with a broader sample of customised data tailored to the user’s analysis purpose.
The data exchange also aims to facilitate data transactions amongst financial companies, credit rating companies, public institutions, fintech firms, research institutions, amongst others. The FSI will take the initiative in establishing the data brokerage system, which will be open for a test operation by the end of 2019, prior to its official launch in the first half of 2020.
Meanwhile, FSC also revealed that a revision bill to the Credit Information Use and Protection Act mandating the commision to designate a specialised data agency, which will take charge of ensuring safe combination of data across sectors. is pending approval in the National Assembly. It The data agency will also offer one-stop services including combining data and intermediating data transactions.
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