Financial Security Institute, 1st Anniversary of Financial Data Exchange Launch... "Expo and Competition Held"

2021 Financial Data Expo exhibition hall screen. Photo by Financial Security Institute

[Asia Economy Reporter Song Seung-seop] The Financial Security Institute is celebrating the 1st anniversary of the launch of the Financial Data Exchange by hosting the '2021 Financial Data Expo' and the '2021 Financial Data Competition' on the 11th.

The Financial Data Exchange, launched on May 11 last year, is the first big data industry platform in Korea. It allows users to query and freely trade various data from finance, telecommunications, distribution, and more.

At the expo, the achievements of the Financial Data Exchange over the past year will be shared and future plans explained. Over three days online, 12 major companies will showcase how they have utilized data. A channel will also be operated where representatives directly answer questions about data products and distribution.

Anniversary benefits will also be provided. This year, transaction fees are waived for companies and data products traded directly. If transactions are made with expo participating companies, the cost of the 'Anonymization Appropriateness Evaluation' will also be discounted.

The competition involves proposing ideas or problem-solving methods using analysis data sponsored by supporting organizations. Participants conduct data analysis and submit the results. There is no set theme.

The data is sponsored by seven companies from the Financial Services Commission, banks, card companies, securities, and credit evaluation sectors. Participants must use at least one analysis dataset but may additionally use other data distributed through the exchange. Winners will receive awards and benefits worth approximately 20 million KRW, including the Financial Services Commission Chairman Award, Financial Security Institute Director Award, and Supporting Organization Director Award.

Meanwhile, on the 10th, the Financial Security Institute signed a multilateral business agreement with the Korea Data Industry Promotion Agency and BC Card to promote data distribution and utilization. Through this agreement, they plan to collaborate on sharing successful financial data cases, discovering companies, supporting data product linkage, and researching data value evaluation.

Kim Young-gi, Director of the Financial Security Institute, emphasized, “Over the past year, the Financial Security Institute has steadily built data infrastructure, contributing to the government’s data economy leadership policy and industrial revitalization. We will further strengthen collaboration between data platforms through this business agreement.”