111 Data Merges and 41 Completions... Additional Data Specialized Agencies to Be Designated in the Second Half of the Year

[Asia Economy Reporter Kwangho Lee] The Financial Services Commission announced on the 26th that since the implementation of the pseudonymized information linkage system in August last year, a total of 111 datasets have been linked through data specialized institutions under the Credit Information Act, completing a total of 41 data linkages.

By linkage field, financial-to-financial linkages (21 cases) were the most frequent, followed by financial-to-public (7 cases) and financial-to-distribution (6 cases). The number of linkage participations was highest in credit evaluation (44 times), fintech (11 times), and banks/cards (9 times).

Examples of utilization include ▲ development of online small business loan screening models and products ▲ development of credit evaluation models for youth and others with insufficient financial history ▲ analysis of the effectiveness of financial support policies for vulnerable groups.

The Financial Services Commission currently designates and operates four data specialized institutions: the Credit Information Service, the Financial Security Institute, the National Tax Service, and the Korea Financial Telecommunications & Clearings Institute. To provide specialized linkage services, additional designation of specialized institutions is necessary, and plans are underway to prepare measures for additional designation of data specialized institutions to expand specialized linkage services and data openness in the second half of the year.

Additionally, expansion of conditions allowing self-linkage of data, introduction of sampling linkage procedures, and permission for data-using institutions to apply for linkage will also be pursued.

A Financial Services Commission official stated, "We will promote revisions to related laws and guidelines in the second half of the year to accelerate the linkage and utilization of pseudonymized information."

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