The data exchange for financial sector, a platform for purchasing and selling data in the financial sector, will open in March and execute test operation.
Financial Services Commission held the first meeting for ‘Council for Construction of Financial Data Distribution Ecosystem’ on the 21st at the Financial Security Institute in Yeouido, Seoul and said that they started discussions for smooth launch of the data exchange. In addition to FSC, Financial Supervisory Service, Financial Security Institute, private financial firms, fintech companies, commercial companies and credit information companies attended in the meeting. The data exchange for financial sector, which was previously included in the ‘Construction of Big Data Infrastructure for Financial Sector Policy’ in June last year, will be implemented following the revision of three data bills on 9th.
The data exchange is a platform for consumers to search, purchase, and analyze when providers register data such as financial, communication and corporate data. There will be a system for directly requesting the provider for the data or type the consumer wants. According to FSC, there are already more than 2,500 data brokers in the United States, with annual trade volume of $ 150 billion.
If the exchange is activated, it will be expected that various services can be developed by data consolidation. For example, by consolidating traffic accident data of insurance company and safety gear data of automobile company, and analyzing the extent of accident damage based on the installation of the safety gear, services such as lowering insurance fees and improving functions of safety gear are possible.
It is also possible to combine regional floating population data with card sales data of public institution to provide commercial supremacy analyzing service.
Financial Security Institute, which operates the exchange, will thoroughly anonymize and protect data to prevent data leakage.
In order to form a data distribution market in the future, the council for construction of financial data distribution ecosystem will establish a data supply and demand basis for each industry and company, and publish guidelines for distribution and consolidation of financial data so that financial firms can participate. Criteria for calculating data prices will also be decided through discussions with the council for construction of financial data distribution ecosystem.
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