Financial Security Institute Officially Begins Operations as a Specialized Data Institution in the Financial Sector

Kim Young-ki, President of the Financial Security Institute

[Asia Economy Reporter Kim Min-young] The Financial Security Institute announced on the 21st that it has officially begun operations as a data specialized institution in accordance with the enforcement of the revised Credit Information Act, including data (information collection) integration and the adequacy evaluation of anonymizing personal information. The Financial Security Institute was designated as the first data specialized institution in the financial sector by the Financial Services Commission on the 6th.

The Financial Security Institute has completed the establishment of a data specialized institution system capable of performing large-scale data integration, pseudonymization/anonymization, and secure file transmission and reception, and will carry out integration between data from credit information companies and third-party data such as telecommunications and distribution.

As the first case of data integration in the financial sector, three projects are currently underway, including data integration between the financial company Shinhan Card and the telecommunications company SK Telecom for the purpose of "analyzing the characteristics of tourists in Busan City" to enhance tourism strategy.

To ensure objectivity and reliability in adequacy evaluations, the Financial Security Institute has completed the formation of an adequacy evaluation committee composed of external experts in legal and technical fields, and conducts adequacy evaluations on whether the anonymization of personal information by credit information companies has been properly performed.

Additionally, the data specialized institution system will be upgraded by the end of this year to enable financial companies, telecommunications companies, distribution companies, and other integration request institutions to apply for integration, check progress and history, and transmit and receive data more conveniently and securely. Starting next year, a remote analysis environment will be established to safely and conveniently analyze integrated data and provide only the analysis results after data integration.

By linking the data specialized institution with the Financial Data Exchange operated by the Financial Security Institute, a one-stop service will be provided for data integration and purchase of integrated data or data purchase and integration of purchased data.

Kim Young-gi, President of the Financial Security Institute, stated, "As the first data specialized institution in the financial sector, we will contribute to creating an ecosystem that can safely protect data while activating data utilization based on expertise in financial security and data utilization and protection."

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