Financial Authorities Designate Credit Information Service and Financial Security Institute as 'Data Specialized Institutions'

Accelerating Data Integration Following Amendments to the Credit Information Act

[Asia Economy Reporter Kim Hyo-jin] The Financial Services Commission announced on the 6th that it has designated the Credit Information Center and the Financial Security Institute as 'data specialized institutions' to enable rapid data integration in line with the enforcement of the amended Credit Information Act.

The amended Credit Information Act, which took effect the previous day, allows data integration through government-designated data specialized institutions.

Data specialized institutions securely integrate data requested by companies and then deliver it after anonymizing and pseudonymizing it so that the data subjects cannot be identified. They also establish and operate security measures to prevent external leakage and re-identification of the integrated data.

They also play a role in evaluating the appropriateness of anonymization so that credit information companies can safely anonymize and utilize personal credit information. Inquiries related to pseudonymization and anonymization can be answered by the data specialized institutions.

Financial, telecommunications, and distribution companies are already promoting various forms of data integration to create new added value.

Shinhan Bank, CJ OliveNetworks, and LG Uplus are working on a plan to analyze consumption patterns by commercial district by integrating income, consumption, and asset information with online channel delivery information and IPTV viewing data.

Shinhan Card and SK Telecom are preparing travel and tourism information analysis data by combining card usage information and base station connection data, while KB Card and CJ OliveNetworks are preparing consumption pattern analysis data by combining card usage information and delivery information.

The financial authorities also plan to promote the activation of the financial sector data exchange to ensure smooth distribution of data integrated through data specialized institutions.

As of the end of last month, 77 companies are participating in the financial sector data exchange. The number of products is 406, and the number and amount of transactions are 313 and 390 million KRW (20 paid transactions), respectively.

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