Launch of Financial Data Forum... Aiming to Serve as a Think Tank for the Data Economy

Shin Hyun-jun, President of the Credit Information Service

[Asia Economy Reporter Minyoung Kim] The Korea Credit Information Services (KCIS) launched a Financial Data Forum composed of data experts from academia and industry on the 28th.

KCIS established this forum ahead of the implementation of the 'Data 3 Laws' (amendments to the Personal Information Protection Act, the Network Act, and the Credit Information Act) scheduled for August, to respond to the paradigm shift toward a data-centric financial industry system and to lead the activation of the data economy.

According to a KCIS official, the forum will serve as a platform where experts in various fields are divided into three groups to hold regular and ad hoc seminars, present and share advanced cases, and engage in open discussions to deeply discuss current issues and the future of the financial data industry. The three groups are the Data Business Group, the Data Technology & Analysis Group, and the Data Policy & System Group. The contents discussed and shared in this forum will be compiled to regularly hold financial data conferences in the future.

In his welcoming remarks, Shin Hyun-jun, President of KCIS, emphasized, “With the amendment of the Data 3 Laws establishing an institutional foundation for the full utilization of data, the transition to a data economy is a path we must inevitably take.” The data economy refers to an ecosystem where data serves as a core raw material to create new products and services and acts as a catalyst for growth across all industries.

President Shin also stated, “At this juncture, I hope this forum will develop into an expert network leading the future of our financial data industry through comprehensive discussions and active sharing of new cases, new theories, and new technologies, encompassing data from finance and other sectors.”

Ryu Young-jun, CEO of Kakao Pay and Chairman of the Korea Fintech Industry Association, who delivered the keynote speech, said, “For the MyData industry, which is taking its first steps, to be properly introduced and established in the market, the fintech sector will collaborate more actively with existing financial institutions and jointly consider consumer protection measures and information security technology development in greater depth.”

At the launch event, 22 experts from academia and industry related to the data industry, including IT, marketing, data analytics, artificial intelligence (AI), and law, were appointed as committee members.

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