Big data accumulated in the financial sector is provided to the private financial industry. It provides a database (DB) in the public sector to small and medium-sized financial firms and pin-tec companies, and build a platform to trade and distribute encrypted financial DBs.

The Financial Supervisory Commission (FSC) held a meeting for the utilization of data and protection of information in the financial sector as the chairman of the final group on March 19.

The Financial Services Agency will provide small and medium-sized financial companies, start-ups, pin-tec companies, and research institutes from the second half of this year to DBs accumulated in publicly-known financial information organizations such as credit information sources and insurance development agencies. Credit Information Loans • Delinquencies • Warranties • Delinquencies • Reinstatement • Bankruptcy information and individual insurance contracts from Insurance Development • Accident • Insurance information is provided to private operators.

First of all, a sample DB that randomly extracted 2% (about 740,000) of the information of more than 35 million customers, an individual financial company, and a customized DB that was selected according to the needs of the enterprise and market analysis.

In the case of US, the government has already randomly selected 5% of the mortgage loan conditions, balance, repayment, overdue and collateral information from 1998 and provides it to private operators.

The system for buying and selling DBs in the private sector will also is piloted in the first half of next year. To this end, the Financial Security Authority has a new platform to trade DBs, which can be provided by consumers and suppliers who need information.

Major financial companies, such as banks and credit cards, upload summary data such as data attributes, size, and usage period. Companies that need big data information search for data or request a recommendation to platform.

Meanwhile, these data are provided and sold in the form of non-identifiable measures, such as anonymized information in which individual identities are completely deleted or pseudonyms that are difficult to identify individuals.

It is also allowed to analyze and consult financial data for commercial purposes with the Credit Bureau. To this end, the Financial Services Commission will revise the Credit Information Act in the first half of this year.

In the United States, Britain and Australia, CBs are leading the financial big data industry, while CBs in Korea are stuck in regulation and staying in the monopoly market.

Choi said he would shift access to financial data from "protection" to "utilization." He said that he (ice technicians) was silent in the invisible area and managed to manage the ice cream properly by skating, bobsleigh and curling. "The government, including the Finance Ministry, will become an ice technician in the financial sector."

It means to create a data regulatory environment in the financial sector so that financial companies, credit bureaus, Fin Tech companies, and employees in these fields can exercise their skills to their fullest potential.

"In order to embrace more individuals in finance, it is imperative to make good use of diverse data," he said. Specialized CBs used non-financial and unstructured data for analysis and credit review.

By Kim Dong Wook east@


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