Financial Data Exchange to Open Soon... First Step of Distribution Ecosystem Council

[Asia Economy Reporter Kim Hyo-jin] The Financial Services Commission announced on the 21st that, following the amendment of the 'Data 3 Act' which established the legal basis for big data utilization, it plans to build a financial sector data exchange by March. The Financial Services Commission has also formed a consultative body with related agencies to create a data distribution ecosystem.

The financial data exchange refers to an intermediary platform that matches data demanders and suppliers, enabling the trading of data such as financial, telecommunications, and corporate information.

To allow data from various fields to be traded alongside financial information, companies from fintech, telecommunications, and distribution sectors will also participate in the platform. The financial authorities envision providing innovative trading functions to facilitate smooth data transactions.

Furthermore, they plan to create a demand-centered trading system that supports the entire data distribution process?search, contract, payment, analysis?on a one-stop basis, allowing demanders to directly request desired data or provision forms from suppliers.

Additionally, both demanders and suppliers will be able to conduct all transactions within the exchange system without using separate communication methods.

Based on this, the financial authorities expect that combining and integrating data will create various types of products and services. For example, by combining insurance (accident) information with vehicle safety device data, insurance premium discount products can be developed, and by merging public information with card sales data, commercial area analysis services can be provided.

To this end, the financial authorities have established the 'Financial Sector Data Distribution Ecosystem Construction Consultative Body,' consisting of related agencies, financial companies, fintech firms, and other demanders and suppliers. The consultative body held its first meeting this morning at the Financial Security Institute in Yeouido, Seoul.

Within the consultative body, three working groups operate: 'Demand and Supply Base,' 'Distribution Guidelines,' and 'Policy Support.' These working groups conduct tasks such as investigating demand and holdings by industry and company, preparing standard procedures for data trading, standard contracts, and data pricing criteria, and devising institutional improvement measures including related enforcement decrees.

The financial authorities plan to publish guidelines for data distribution and integration in the financial sector to encourage financial companies to actively participate in data distribution and integration.

This content was produced with the assistance of AI translation services.