March Big Data Utilization and Distribution Guidelines Established
[Asia Economy Reporter Kim Hyo-jin] Starting from August, credit rating agencies (CB companies) will be allowed to conduct data analysis and consulting tasks, lowering the barriers for financial companies to utilize big data.
Once big data tasks are permitted, it will be possible to combine and utilize financial data such as income and consumption tendencies with non-financial data like sales, school districts, and commercial districts to develop customized financial products.
On the 6th, the Financial Services Commission announced its plan to actively interpret the revised 'Data 3 Act,' including the Credit Information Act, to allow financial companies to engage in big data tasks permitted by the amendments, thereby promoting data utilization.
When banks, financial investment firms, insurance companies, and others report big data tasks, the commission intends to approve them as quickly as possible to enable the tasks.
Accordingly, it is expected that tasks such as processing and analyzing financial data to create and sell big data sets, as well as brokerage, mediation, and agency services for other necessary data, will become more active.
Tasks involving the combination of financial data related to credit ratings, income and consumption tendencies, financial products, and non-financial data such as telecommunications, sales, geography, school districts, and commercial districts to develop and recommend customized financial products are also expected to become more active.
The Financial Services Commission plans to prepare a 'Financial Sector Data Utilization and Distribution Guideline' by next month to help financial companies understand the scope of usable data, utilization procedures, and necessary information security measures. After the amendment takes effect in August, the guideline will be continuously updated to enable data use in the combination and distribution of pseudonymized information. To ensure safe data use, the commission will revise consent forms and develop specific measures to strengthen information protection, such as a continuous information protection evaluation system.
The Financial Services Commission stated, "We will actively review and approve big data ancillary business reports from financial companies," adding, "As financial companies actively participate in big data businesses, the related industry is expected to be revitalized."
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