Financial Data Exchange Records 62 Transactions Worth 220 Million KRW in First Ten Days After Launch

[Asia Economy Reporter Haeyoung Kwon] It has been reported that a total of 62 data transactions took place in about ten days since the launch of the Financial Data Exchange.

The Financial Security Institute announced on the 25th that from the 11th to the 22nd, since the launch of the Financial Data Exchange, a total of 62 transactions were made, including 7 paid products worth 220 million KRW. Currently, 7 transactions are in the price negotiation stage, so the number of paid product transactions is expected to continue to increase.

A total of 46 companies are participating as members in the Financial Data Exchange, including 24 financial companies and 22 non-financial companies such as fintech, telecommunications, and consulting. Currently, 211 data products are registered (11 free products and 190 paid products). By industry registering data products, card companies have the most with 98, followed by credit evaluation (CB) companies with 20, and fintech companies with 35.

Major paid product transactions include card consumption data for customized advertising production, region-customized (commercial district) card consumption data, and regional income, expenditure, and financial asset information. Free product transactions mainly involve data used for public interest analysis, such as COVID-19 consumption trend data by city/county/district for the first quarter of this year, and card merchant data by industry by city/county/district.

The Financial Security Institute analyzed that compared to the Guiyang Big Data Exchange in China, which launched in April 2015 and achieved participation of 60 companies and transactions worth 1.7 billion KRW within 9 months, the initial data transaction status of the Financial Data Exchange is favorable. The Guiyang Big Data Exchange grew to a cumulative transaction amount of 69 billion KRW and 3,000 participating companies as of May 2019.

A representative from the Financial Security Institute stated, "We will actively promote the revitalization of data distribution and support providing data vouchers to data demand companies in the financial sector," adding, "We will also supplement financial sector data liquidity guidelines, establish data pricing standards, and promote service advancement such as data integration."

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