KFTC Opens Financial Industry Joint Data Platform 'Daytop'

Main screen of the Daytop portal. Photo by Korea Financial Telecommunications and Clearings Institute

[Asia Economy Reporter Song Seung-seop] On the 14th, the Korea Financial Telecommunications & Clearings Institute (KFTC) announced that it has established a joint data platform for the financial sector called ‘Datop’ and opened its portal.

Datop is a platform that integrates and de-identifies data (approximately 230 million records daily) held by KFTC, then analyzes, opens, and combines it. The portal provides related services to lead the activation of the digital economy in the financial sector.

The services are broadly divided into Datop A (Analysis), B (Opening), and C (Combination). The target users are set sequentially as financial companies, the general public, and institutions using data combination services. The structure and functions are tailored to their characteristics.

Datop A helps financial companies effectively utilize KFTC’s financial clearing data. KFTC analyzes the data and provides use cases and models. Many financial companies are already using or planning to use the publicly released analysis and utilization cases. Discussions are underway to provide materials and data to financial companies requesting related resources.

For example, after analyzing withdrawal and transfer data between financial companies, suspicious accounts related to voice phishing can be identified and shared with financial companies, or information on new and closed branches can be provided to improve financial accessibility for the financially marginalized.

Through the portal, a ‘catalog’ that allows financial companies to understand the composition and details of KFTC’s data by business area is provided. Financial companies are guided to select the data they need. For data frequently requested by financial companies, a ‘thematic data mart’ will be established to respond accordingly.

Datop B supports data utilization and digital innovation by fintech companies, enterprises, research institutions, and the public beyond financial institutions. De-identified data by KFTC’s financial clearing business and key business statistics are also opened. It plans to meet diverse data demands and support exchanges across fields and industries.

Additionally, data and computing resources will be provided in a remote environment for research and service model development. The possibility of data leakage will be eliminated, and service users will be supported to fully utilize analysis results.

Datop C takes on the role of a data-specialized institution under the Credit Information Act, performing data combination between homogeneous and heterogeneous industries and evaluating the appropriateness of anonymization of personal credit information. From March, it will provide safe data combination and pseudonymization/anonymization to prevent identification of data subjects.

Kim Hak-su, President of KFTC, emphasized, “We will create new value and provide insights to market players and financial consumers,” adding, “We will support data utilization at the top (TOP) level and actively strive to revitalize the data economy.”

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