BC Card, First Domestic Financial Company to Obtain Pseudonymized Information Integration Agency License

Future Challenge for the Financial Services Commission as a Data Specialized Institution

[Asia Economy Reporter Ki Ha-young] BC Card is strengthening its status as the KT Group data hub by becoming the first financial company to be designated as a pseudonymized information integration specialized institution.

On the 7th, BC Card announced that it had been designated as a pseudonymized information integration specialized institution by the Ministry of Science and ICT. It became the first financial company in Korea authorized to integrate non-financial data.

A pseudonymized information integration specialized institution is an organization authorized by the government to integrate pseudonymized information held by different personal information processors. Integration of pseudonymized information is one of the essential elements needed for the development of big data and artificial intelligence (AI) industries.

Accordingly, BC Card will receive integration requests, safely integrate pseudonymized information, anonymize and pseudonymize it so that specific individuals cannot be identified, and then deliver the results.

With the authority to integrate data across different fields (non-financial + non-financial), BC Card has taken the first step toward becoming the KT Group’s data integration hub. The KT Group possesses various non-financial data as well as financial data held by BC Card and K Bank. Through collaboration with institutions wishing to integrate this data, BC Card plans to advance data analysis and contribute to creating new added value.

BC Card plans to complete the infrastructure for the integration specialized institution within this year and to fully launch data integration projects within the KT Group next year. Starting with acquiring the integration specialized institution license, it aims to transform into a data company and has set an internal goal to later challenge becoming a data specialized institution designated by the Financial Services Commission under the Credit Information Act.

Shin Jong-chul, Head of the Data Integration Business Task Force (Executive Director), emphasized, "The card industry currently needs to find new growth breakthroughs, and BC Card will participate in the government’s efforts to activate integration and opening of heterogeneous data. Starting with the designation as a data integration institution, we will transform into a data company."

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