New Designation of Data Integration Specialized Institutions in the First Half of the Year... Applications Open Next Month

▲Three Designation Principles: ▲Reliability ▲Expertise ▲Openness

[Asia Economy Reporter Park Sun-mi] To revitalize the data industry, additional data integration specialized institutions will be newly designated in the first half of this year. A designation briefing session will be held on the 25th of this month, and applications for designation will be accepted from February 24 to 25.

On the 12th, the Financial Services Commission and the Financial Supervisory Service announced that, due to many opinions emphasizing the need to expand data specialized institutions that serve as data integration infrastructure, they have decided to designate additional data specialized institutions within the first half of the year.

The designation of data specialized institutions is based on three main principles: ▲Reliability ▲Expertise ▲Openness.

Institutions with excellent security and conflict of interest prevention systems will be designated so that organizations capable of securing social trust can play a central role. Additionally, institutions with high expertise in data integration will be designated to lead data integration, focusing on those with outstanding capabilities and achievements in data-related tasks. To foster a foundation that can promote competition in the data industry, institutions that are proactive in data openness and sharing will also be designated.

Applications for designation will be accepted during the pre-announced period, and after expert evaluations such as the Financial Supervisory Service’s external expert review committee, specialized institutions will be designated. Institutions that meet the designation targets, personnel and organizational requirements, financial capability, and score highly in evaluations of facilities, equipment, and management systems (above a certain threshold) will be designated. To maintain the expertise of specialized institutions and to guide and inspect the performance of tasks aligned with the designation purpose, the validity period of the designation will be three years.

A financial authority official stated, "After the data specialized institution designation briefing session (January 25), applications will be accepted (February 24?25), and new data specialized institutions will be designated within the first half of this year." He added, "In the future, we plan to continue reviewing the designation of data specialized institutions by sufficiently considering market competition, data integration demand, and demand for data specialized institution designation."

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