Opening of Financial Information Data Exchange for Buying and Selling Data... "Innovation through Information Brokerage and Integration"

[Asia Economy Reporter Kim Hyo-jin] The Financial Services Commission announced that the financial sector 'Data Exchange' for revitalizing the data economy was launched on the 11th.

The Data Exchange is an intermediary system where suppliers and demanders can match and trade data such as de-identified information and corporate information. When a supplier registers data for sale, demanders can search for and purchase the corresponding data.

By using the exchange, services such as commercial area analysis combining regional floating population information from public institutions and card sales data, and insurance discount products created by linking traffic accident information with vehicle black box data can be developed. General commercial companies such as telecommunications and distribution can also participate.

The Financial Security Institute, which operates the Data Exchange, supports the entire process including data search, contract, payment, and analysis in a one-stop manner. It also supports a demand-centered trading system where demanders can directly request the desired data or provision form from suppliers.

The Financial Security Institute plans to support a new data provision method in the form of an analysis platform so that data distribution can be actively pursued without concerns about information leakage. The received data is analyzed and utilized within the Data Exchange, and only the results are exported to enhance security.

If the seller wishes, the institute supports safe anonymous and pseudonymous information trading by verifying whether the anonymization has been properly done. Since it is punishable by law to identify personal information through anonymous or pseudonymous information, anonymization is necessary when trading data.

Korea's data market has been criticized for buyers finding it difficult to actively engage in transactions due to high prices. To promote data trading, the Financial Security Institute supports data vouchers for transactions through the Data Exchange.

At the Data Exchange launch ceremony held in the afternoon at the Four Seasons Hotel in Jongno-gu, Seoul, Son Byung-du, Vice Chairman of the Financial Services Commission, said, "We will promote a post-COVID digital financial innovation strategy that turns crisis into opportunity," and expressed expectations that "financial companies, fintech, and big tech firms will create exemplary cases of digital innovation growth through data distribution, integration, and commercialization."

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