Korean
government is set to run a financial data exchange platform this year in march.
In order to accelerate the financial industry’s digital transformation, the
financial services commission(FSC) of Korea will set up a financial security
institute that will provide innovation data exchange solutions while ensuring
the security and safety of data transactions. Data convergence management,
evaluation of pseudonymised
information , safety and security in data exchange will be major goals
of
this specialized agency. Financial
industry
is one of the sectors where the use of big data is most active because of the
high linkages to other sectors and accuracy of data. Last year in June, the FSC
announced its plan to establish financial big data
infrastructure
tofacilitate
the
use of big data in the financial sector.
[Image
source: google.com]
Further to this development, revision
of Credit Information Use and Protection act was passed recently in January
2020 by the National Assembly of Korea which is expected to expand the level of
supply and demand in data marketplace and promote safety and security in data
distribution. In the press release published on Jan 21, the FSC has confirmed
the establishment of a public-private joint council led by the FSC and composed
of financial institutions and fintech
firms. This public-private joint council is to operate working groups of supply
&demand , guidelines to establish standards on procedures data excanhge
and the policy support in data exchange.
Data
industry experts are seeing this move as major facilitator that would provide
an appropriate standard for the pricing of data.
[Source: Press Release of Financial Services Commission on Jan. 21
http://meng.fsc.go.kr/]
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