Shinhan Bank, Samsung Card, and 8 Other Institutions Preliminarily Designated as Data Specialized Agencies

[Asia Economy Reporter Song Hwajeong] Shinhan Bank, Samsung Card, Shinhan Card, BC Card, LG CNS, Samsung SDS, Kukon, and the National Statistical Office have been provisionally designated as data specialized institutions.

On the 7th, the Financial Services Commission resolved to provisionally designate these eight institutions as data specialized institutions at its 22nd regular meeting.

Data specialized institutions are organizations that evaluate the appropriateness of anonymization and pseudonymization of data upon companies' applications and safely and efficiently combine data. They are designated by the Financial Services Commission under the Credit Information Act. So far, four institutions have been designated as data specialized institutions under the Credit Information Act: the Credit Information Center, the Financial Security Institute, the Korea Financial Telecommunications & Clearings Institute, and the National Tax Service.

As opinions have been continuously raised that expanding data specialized institutions and activating data combination are necessary to promote the emergence of innovative financial services, the Financial Services Commission and the Financial Supervisory Service prepared designation principles and detailed evaluation criteria for data specialized institutions through related expert task forces (TFs) and began accepting provisional designation applications and conducting evaluations from July this year.

The eight institutions provisionally designated this time were evaluated to have met all the evaluation criteria and the results of the external expert evaluation committee of the Financial Supervisory Service, and will apply for official designation after preparing facilities and other requirements to perform data specialized institution duties.

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