Financial Services Commission's Financial Public Data Division to Be Reduced

[Asia Economy Reporter Song Hwajeong] The Financial Public Data Officer at the Financial Services Commission, who was in charge of the financial public data opening project, will be abolished.

According to the Financial Services Commission on the 14th, the Financial Public Data Officer will be abolished as the operation period ends at the end of this month, and a Financial Public Data Team Leader will be newly established to continuously promote tasks such as linkage and integrated management of public data in the financial sector.

In 2019, the Financial Services Commission established the Financial Public Data Officer as a venture-type organization directly under the Vice Chairman to efficiently operate the financial public data analysis and opening project. A venture-type organization is an innovative organization designated by the Ministry of the Interior and Safety after reviewing the innovativeness and feasibility of ideas proposed by each ministry, implementing them as actual policies and services. At that time, the Financial Services Commission's "Financial Public Data Analysis and Opening Project" was selected as an innovation task, leading to the launch of the Financial Public Data Officer. The venture-type organization is operated temporarily for two years, but the operation period of the Financial Public Data Officer, which was until the end of July last year, was extended by one year and will expire at the end of this month. A Financial Services Commission official explained, "The maximum operation period for a venture-type organization is three years, so the operation period of the Financial Public Data Officer cannot be extended further, leading to its abolition."

The financial public data project promoted by the Financial Public Data Officer will be taken over by the newly established Financial Public Data Team Leader. However, while the existing Financial Public Data Officer was a grade 4 position directly under the Vice Chairman, the Financial Public Data Team Leader will be established under the Planning and Coordination Officer and the rank has been lowered to grade 4.5. The Financial Public Data Team Leader position was newly created using the total amount personnel cost system and will be operated temporarily until the end of July 2025. A Financial Services Commission official said, "We plan to operate it as a temporary organization through the total amount personnel cost system and may convert it to a regular organization in consideration of future performance and continuity of work."

The Financial Public Data Officer was responsible for building infrastructure and an opening system that allows private companies and fintech firms to utilize information by interlinking and standardizing information from financial public institutions. According to the Financial Services Commission, since the opening of financial public data in June 2020, a total of 1,296,920,000 data items have been opened over two years until the end of June this year. The Financial Services Commission plans to continue opening and discovering new data, and this year, it plans to open de-identified (pseudonymized and anonymized) intervention operator information held by five public institutions (Korea Development Bank, Korea Finance Corporation, Korea Credit Guarantee Fund, Korea Housing Finance Corporation, and Korea Asset Management Corporation) from December.

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