BC Card, Korea Data Industry Promotion Agency, and Financial Security Institute Sign Data Trading MOU

Attention Gained Through Collaboration Among Data Platform Operating Organizations

On the afternoon of the 10th, BC Card signed a Memorandum of Understanding (MOU) with the Korea Data Industry Promotion Agency and the Financial Security Institute at the Korea Data Industry Promotion Agency in Jung-gu, Seoul, to promote the distribution and utilization of financial data. Choi Won-seok, President of BC Card (from the right), Kim Young-gi, Director of the Financial Security Institute, and Min Ki-young, Director of the Korea Data Industry Promotion Agency, are posing for a commemorative photo.

[Asia Economy Reporter Ki Ha-young] BC Card has signed a memorandum of understanding (MOU) with major domestic data trading platform operators to promote the distribution and utilization of data, and has embarked on activating the use of financial data.

The MOU signing ceremony held on the 10th at the Korea Data Industry Promotion Agency in Jung-gu, Seoul, was attended by key figures including Choi Won-seok, President of BC Card, Min Ki-young, Director of the Korea Data Industry Promotion Agency, and Kim Young-ki, Director of the Financial Security Institute.

Through this MOU, each institution agreed to mutually cooperate to ▲ share best practices and achievements in financial data utilization and exchange between related consultative bodies ▲ activate financial data trading (establishing standard contracts, quality standards, etc.) ▲ explore cooperation methods between data trading platforms.

It is also noteworthy that data platforms handling most domestic financial data trading collaborated to promote data distribution. Currently, each institution operates government-led platforms: the 'Financial Big Data Platform (BC Card)', 'Data Store (Korea Data Industry Promotion Agency)', and 'Financial Data Exchange (Financial Security Institute)'. These platforms collect, fuse, and analyze financial (banking, card, insurance, securities, etc.) and non-financial (telecommunications, distribution, industry, etc.) data to provide high-quality new data to public institutions, SMEs, startups, and small business owners.

In particular, the Financial Big Data Platform operated by BC Card involves 13 companies under the platform producing and providing card consumption, insurance, securities & investment, floating population, real estate, popular restaurants, and social data. So far, over 600 companies and more than 6,000 individuals have utilized related data to enhance existing services or develop new services.

Byun Hyung-kyun, Head of AI Big Data Division (Executive Director) at BC Card, said, "Going forward, through the BC Financial Big Data Platform, we will provide item- and industry-specific consumption data as well as financial and non-financial fusion data to SMEs and startups to help activate data-driven businesses."

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