KFTC Designated as a 'Data Specialized Institution' under the Credit Information Act

Example of data linkage work (de-identified) to be conducted by the Korea Financial Telecommunications and Clearings Institute (KFTC)
Photo by KFTC

[Asia Economy Reporter Song Seung-seop] On the 8th, the Korea Financial Telecommunications & Clearings Institute (KFTC) announced that it had been designated as a data-specialized institution under the Credit Information Act by the Financial Services Commission. Starting from the 11th, KFTC plans to officially carry out tasks such as data linkage and evaluation of the appropriateness of anonymization processing.

A data-specialized institution performs tasks of safely linking financial and cross-industry data requested by applicant organizations for the utilization of financial data, then providing the data after pseudonymization and anonymization processing.

As the operator of the financial joint network, KFTC aims to provide safe and reliable data linkage services. Through this, it also supports the discovery of financial innovation models by financial companies and fintech firms.

Additionally, it will be connected with the financial sector joint data platform (Datop), which will start in the second half of this year. Datop is a shared infrastructure in the financial sector that integrates, analyzes, opens, and links financial payment data processed through the financial joint network. Through this connection, KFTC will provide one-stop support for the linkage and utilization of de-identified data it holds.