LG Uplus-LG CNS Join Hands with Financial Security Institute to Promote Data Distribution

From the left) Kwon Dae-young, Head of Financial Innovation Planning Group at the Financial Services Commission, Ha Hyun-hoe, Vice Chairman of LG Uplus, Kim Young-gi, President of the Financial Security Institute, and Kim Young-seop, CEO of LG CNS, are posing for a commemorative photo after signing a business agreement for data distribution and utilization innovation.
[Photo by LG Uplus]

[Asia Economy Reporter Kim Heung-soon] LG Uplus and LG CNS are joining hands with the Financial Security Institute, the operator of the Financial Data Exchange, to promote a telecommunications, finance, and manufacturing data convergence project.

LG Uplus, the Financial Security Institute, and LG CNS announced on the 28th that they signed a business agreement for innovation in data distribution and utilization at LG Uplus headquarters in Yongsan, Seoul, with key officials including Ha Hyun-hoe, Vice Chairman of LG Uplus, Kim Young-gi, President of the Financial Security Institute, Kwon Dae-young, Head of the Financial Innovation Planning Group at the Financial Services Commission, and Kim Young-seop, CEO of LG CNS, in attendance.

This agreement was established to develop the big data ecosystem by revitalizing data distribution and utilization, in a situation where the 'Data 3 Act' has passed the National Assembly plenary session, and the 'Korean New Deal' emphasizes building big data platforms and opening data as part of digital infrastructure development.

Based on this agreement, LG Uplus, the Financial Security Institute, and LG CNS will cooperate to create a data distribution ecosystem by discovering data utilization demands and use cases. Additionally, they plan to actively collaborate on matters requiring cooperation among institutions, including ▲data utilization such as data integration, analysis, and consulting ▲discovering convergence scenarios and developing convergence data products for telecommunications, finance, and manufacturing data ▲distribution of data products through the Financial Data Exchange (FinDX) and revitalization of data distribution and utilization.

LG Uplus plans to combine telecommunications data with financial data, develop data products, and distribute them through the Financial Data Exchange. They also plan to commercialize telecommunications data such as customer lifestyle and IPTV viewing behavior to activate transactions. Utilizing telecommunications data along with financial sector data within the Financial Data Exchange and data from other industries such as distribution can expand opportunities for developing new service data products and data-based new business opportunities for fintech and startup companies.

LG CNS possesses technological capabilities to quickly and efficiently process and analyze various types of big data, including telecommunications, finance, manufacturing, and distribution. They expect the combination to lead to the development of diverse and sophisticated convergence data products and growth in the financial data market.

Vice Chairman Ha Hyun-hoe said, "By providing LG Uplus telecommunications data to the Financial Data Exchange, which connects data from finance, manufacturing, distribution, and various other industries, we are opening the door to the true big data era. Through big data new business development linked with the Financial Data Exchange and synergies within the group, we will not only revitalize the domestic data market but also discover new values focused on the changing era and customers."

President Kim Young-gi added, "We will actively strive to make the Financial Data Exchange a data hub capable of converging, distributing, and utilizing data from all industries including finance, telecommunications, manufacturing, and distribution."

Meanwhile, LG Uplus plans to collaborate with Shinhan Bank and CJ OliveNetworks to promote the convergence of telecommunications, finance, and distribution data and launch a product called 'Seoul City Resident Consumption Tendency Data by Commercial District,' which can analyze residents' consumption tendencies from multiple perspectives. The product will be distributed through the Financial Data Exchange.

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