Financial Data Exchange, 12,000 Transactions Accumulated Over 3 Years... Fostering a 'Comprehensive Platform'

Approximately 4,800 Data Products Registered... 75% by Credit Card Companies

As the Financial Data Exchange (FinDX), established to revitalize the financial data distribution market, marks its 3rd anniversary, the Financial Security Institute is expanding and transforming FinDX from a data shopping mall into a 'comprehensive data platform.'

On the 22nd, the Financial Security Institute announced that the cumulative volume of data transactions on FinDX over the past three years, from May 2020 to last month, reached 12,246. Currently, 113 data supplying organizations have joined FinDX as members, and approximately 4,800 products are registered.

Looking at the data products traded over the three years, those from credit card companies accounted for an overwhelming 75.2%. This was followed by banks (13%), big data (3.5%), distribution (2.4%), fintech (1.4%), other financial sectors such as insurance and securities (1.4%), other non-financial sectors (1.3%), and credit information (0.9%).

Regarding this, the Financial Security Institute noted, "Although the number of registered products continues to increase due to FinDX's efforts, the overall market growth has not been clearly evident," adding, "In reality, data distribution is centered on credit card companies that are actively selling data."

Accordingly, FinDX plans to upgrade the exchange into a comprehensive data platform (FinDX 2.0) to advance the related ecosystem. To build an open platform, it will first expand the scope of data suppliers to allow individuals and freelancers to sell data products, provide a shop-in-shop service where data suppliers can sell data, and strengthen open platform functions by launching 'selective purchase products' that allow buyers to choose only the data they want and 'analysis-type products' that enable data use in a high-performance, secure analysis environment.

Additionally, to resolve difficulties in transmitting and receiving large volumes of data in the data trading and distribution market and to effectively manage the provision history of data such as pseudonymized information, FinDX will promote the establishment of a 'Data Hub (D-Hub) Network.'

Furthermore, to support the activation of artificial intelligence (AI) use in the financial sector, the exchange will provide high-quality training data on FinDX and build an 'AI Testbed' that supports data analysis system infrastructure and AI analysis automation tools.

Kim Cheol-woong, President of the Financial Security Institute, stated, "Financial companies are rapidly transforming into data companies, and as we enter the AI era, data has become a core production factor that determines the competitiveness of the financial industry and financial companies," adding, "The exchange will faithfully perform its role as a comprehensive data platform that supports the advancement of the data trading and distribution market ecosystem to secure data innovation for financial companies and data competitiveness for the financial industry."

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