‘Busan Financial Big Data Platform Lab’ Opens Its Doors

Offline Financial Big Data Analysis Space Established on the 14th Floor of Busan International Financial Center
Opening Ceremony for Four Locations on the 23rd, Providing One-Stop Services for Data Collection, Analysis, Processing, and Support

U-Space BIFC 14th Floor Busan Financial Big Data Platform Lab.

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] The 'Busan Financial Big Data Platform Lab,' an offline analysis space for the financial big data platform, will open on the 23rd on the 14th floor of U-Space BIFC, Phase 2 of the Busan International Finance Center (BIFC).

The 'Big Data Platform and Center Construction Project' is a core project of the 'Data Dam' initiative promoted by the Ministry of Science and ICT and the National Information Society Agency (NIA) as part of the Digital New Deal.

The financial big data platform is one of the main areas of this project, where BC Card and 10 data companies collaborate to produce and open high-quality, highly usable data to foster a data ecosystem and establish a foundation for innovative growth. It operates with the goal of innovating the domestic data ecosystem and enhancing corporate competitiveness.

The 'Busan Financial Big Data Platform Lab' is an offline space where financial big data platform data can be safely utilized.

It provides startups and growing companies with opportunities to increase product-market fit by offering business analysis, market analysis through fintech company data, hypothesis verification by experts, and support for data-driven decision-making processes.

Busan City aims to promote the digital financial industry by securing high-quality public and private data, processing and analyzing it, and providing the results to fintech startups through the data platform, thereby preempting data-related projects that align with the big data ecosystem creation and the amendment of the MyData Three Acts.

It plans to strategically use this to induce innovative and market-friendly product development and marketing by companies, dramatically improving startup survival rates while building an environment for the development of financial new industries specialized in Busan.

To this end, Busan City and the Global Fintech Industry Promotion Center support big data space operation and data analysis personnel, NIA provides data and large-scale artificial intelligence (AI) training data, and BC Card offers data provision and consulting on the financial big data platform to demand companies.

Busan National University (Industrial Mathematics Center) dispatches experts for data analysis and commercialization consulting necessary for big data utilization by demand companies, and WeWork Korea boldly supports the creation of the Busan Fintech Platform space, contributing to building a big data foundation and supporting data utilization in the Busan area.

The opening ceremony will be held at 4 p.m. on the 23rd in the 11th-floor lounge, attended by about 40 people including Park Seong-hoon, Deputy Mayor for Economic Affairs of Busan City; Moon Yong-sik, Director of the National Information Society Agency (NIA); Lee Kang-hyuk, Vice President of BC Card Co., Ltd.; Jang Deok-hyun, Director of External Relations at Busan National University; Jeon Jeong-ju, Korea Representative of WeWork; Kwon Ki-ryong, Chairman of the Global Fintech Industry Promotion Center; and heads of six institutions jointly participating in platform construction and operation, as well as heads of financial data-related organizations in the Busan region.

Byun Seong-wan, Acting Mayor of Busan, said, “The foundation of technology startups such as finance is based on customized data applied to early startups and growing companies, improving completeness, and it has been true that such infrastructure was lacking in the region until now.”

He added, “In the future, the Busan Fintech Data Platform Lab will play a key role in directly helping companies grow from data collection onwards.”

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