[Asia Exclusive] 2.4 Billion Data Records... "We Will Become a Core Platform in the Financial Sector"

Policy to Steadily Expand Financial Transaction Information Participating Institutions
Data Must Achieve Qualitative Growth Together
Focus on Future Security Threats and Data Subject Protection

Shin Hyun-jun, President of the Credit Information Service

The Credit Information Service has established a massive ‘dam’ where vast amounts of data are accumulated. As of the end of October, the total data stored at the Credit Information Service reached 2.47 billion records. Among these, insurance credit information accounts for 1.76 billion records. General credit information stands at 250 million records, and technical credit information totals 460 million records. Additionally, there are 2.1 million records of movable collateral information.

Shin Hyun-jun, President of the Credit Information Service, emphasized that through this enormous data, the organization must establish itself not only as a comprehensive credit information hub but also as a core infrastructure platform for finance. With subsequent legislation such as the Data Basic Act and the Personal Information Protection Act forming a regulatory foundation and the acceleration of the digital and data ecosystem, the role of the Credit Information Service is inevitably expanding. He also analyzed that the following year will be when the projects pursued so far will bear fruit.

Regarding the key projects of the Credit Information Service, President Shin stated, "To ensure the smooth settlement and continuous development of the MyData industry, which will be fully implemented in January next year, we plan to strengthen our platform role." He explained, "To establish MyData and the credit information transmission request system, we will perform the role of a support platform through the MyData Support Center and MyData Intermediary Institutions."

He continued, "It is also necessary to firmly establish the linkage role between financial and public MyData," adding, "We will begin preparing for active data distribution with different industries such as the non-financial sector like healthcare." To this end, they have set a plan to steadily expand the participating institutions in financial transaction information. Currently, there are 74 participating institutions, and they intend to broaden this to include insurance companies, securities firms, and others.

Seeking Qualitative Growth of Data: "We Will Increase High-Quality Credit Information"

Alongside quantitative expansion, qualitative growth was also emphasized. The goal is not just to increase the total amount of information or the number of participating institutions but to selectively secure high-quality information and reform the system accordingly.

He said, "We will build an integrated platform that encompasses multifaceted information per company, such as credit and investment, and improve the corporate credit information centralized management system in detail by account." He added, "We will support precise credit evaluations and continuously incorporate positive public information to increase high-quality credit information."

President Shin also promised, "In particular, with the cooperation of policy authorities and the financial sector, we will strengthen the corporate information infrastructure to ensure appropriate financial support for innovative companies." He pledged, "We will support the enhancement of banks’ technological finance capabilities to underpin qualitative growth."

In the mid to long term, he identified ‘security threats’ and ‘protection of information subjects’ as areas the Credit Information Service must focus on. President Shin said, "As the data utilization environment changes, security threats are constantly evolving." He added, "Since my inauguration, security issues have always been the top priority." He further stated, "We will expand anomaly detection systems and establish frameworks to detect and respond to threats targeting user terminals." He concluded, "Regarding MyData and personal credit information, we will support the effective guarantee of ‘self-information decision rights.’"