[Asia Economy Reporter Kim Min-young] A joint data platform for the financial sector is being launched.
The Korea Financial Telecommunications & Clearings Institute (KFTC) announced on the 10th that it will establish a 'Joint Data Platform for the Financial Sector' by July next year to enable convergence and complex utilization of banking and financial clearing data.
The KFTC passed this agenda at its general meeting held on the same day. This is the first attempt among domestic financial institutions to jointly build a data platform.
The joint data platform refers to a shared infrastructure that integrates, analyzes, opens, and combines the large volume of financial clearing data held by the KFTC as the operator of the financial joint network.
The KFTC plans to complete the data platform construction by July next year. It will provide financial companies, fintech (finance + technology) startups, research institutions, and academia with access to financial clearing big data and a remote analysis environment. The big data will be opened in a de-identified form in accordance with the Personal Information Protection Act and the Credit Information Act.
Additionally, to provide data combination services, the KFTC is pushing to be designated as a specialized data institution by the financial authorities by next month.
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