2.1 Billion Financial Public Data Opened... Over Half of Visitors "Satisfied"

[Asia Economy Reporter Kim Hyo-jin] The number of financial public data releases under the government's 'data economy' policy has significantly increased.

The Financial Services Commission (FSC) announced on the 10th that approximately 210 million data items had been released as of the end of last month, thanks to the active cooperation of participating institutions, improvement of data quality, and system stabilization following the pilot operation of financial public data release. This represents an increase of 166 million items (377%) compared to the 44 million items released during the pilot period from April 1 to June 8 of this year.

The FSC and nine financial public institutions collect, interconnect, and standardize various financial public data through the 'Financial Standard Integrated Information System,' then convert it into open Application Programming Interface (API) formats. They provide the data through the Public Data Portal divided into six categories: integrated corporate, integrated financial companies, integrated disclosure, integrated capital market, integrated national asset auction, and financial company statistical information.

On the Public Data Portal, which involves a total of 196 institutions, financial public data accounts for 2.3% of all APIs and 3.7% of all functions (as of the end of October).

The number of API usage applications during the same period totaled 2,311, with approximately 2.36 million calls recorded. Since the pilot operation of financial public data, API usage applications increased by 1,333, and data calls increased by 2,104,000.

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An online satisfaction survey conducted by the FSC using the Public Data Portal with 204 visitors showed that 9.4% of respondents were very satisfied, 47.9% satisfied, and 26% neutral.

Respondents cited reasons for satisfaction in the order of free data usage, abundant data volume, data diversity, and data accuracy.

The majority of respondents mainly utilized integrated corporate information and integrated disclosure information. Their purposes included writing assignments or theses, developing applications (apps), corporate evaluation, and understanding economic and corporate trends.

The FSC plans to expand and strengthen the capital market sector, where data demand is high, from next year to enhance user satisfaction and to additionally open data in the insurance and microfinance sectors to secure data diversity.

The FSC also plans to improve user convenience and accessibility by launching detailed guides on financial public data and API address pages on the FSC internet homepage within this month.

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