[Asia Economy Reporter Oh Ju-yeon] Koscom announced on the 15th that it has signed a 'Memorandum of Understanding (MOU) for the Activation of Open API Platform and Promotion of Innovative Financial Services' with Directional, which provides a platform for individual investors to engage in stock lending and borrowing transactions.
Directional is a blockchain-based P2P stock lending and borrowing trading platform established to offer individual investors free opportunities to lend and borrow stocks. It is a fintech company designated as the first innovative financial service by the Financial Services Commission in April last year.
Through this agreement, both parties will cooperate on ▲ expanding securities firms linked to lending and borrowing services through the Open API platform and ensuring service stability ▲ joint data business through analysis of lending and borrowing transactions ▲ preparing IT environments for acquiring small licenses in the future.
The Open API platform currently operated by Koscom involves 26 securities firms and over 80 fintech companies, allowing participants to launch various innovative financial services using data and services provided by participating companies without building separate IT infrastructure.
In November last year, financial investment fintech service companies officially launched the 'Financial Investment Open Platform Council' to activate the capital market data ecosystem by utilizing the Open API platform.
As a member of the Open Platform Council, Directional can now safely and quickly expand lending and borrowing services with multiple securities firms using the Open API platform.
At the same time, both companies expect to resolve the current market information imbalance centered on institutions by analyzing stock lending and borrowing supply and demand information and providing individual investors with short-selling trend information by stock and industry.
Yoon Jeong Lee, CEO of Directional, said, "If fintech companies utilize Koscom’s financial cloud and Open API platform, it could greatly help efficiently realize innovative financial services."
Jiseok Jung, CEO of Koscom, said, "Going forward, Koscom will not only provide financial IT infrastructure to fintech companies but also strive to revitalize the data economy by discovering new added value through data integration and fusion as a data platform company."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
