"Financial Big Data Usage Made Easier"…Financial Services Commission's 'Data Integration Regulation Improvement'

Approval of the Amendment to the 'Credit Information Business Supervision Regulations' on the 6th

[Asia Economy Reporter Sim Nayoung] The use of financial big data is expected to become more convenient. On the 6th, the Financial Services Commission improved related regulations to promote data integration and utilization.

At the regular meeting held that day, the Financial Services Commission approved an amendment to the "Credit Information Business Supervision Regulations" allowing companies and institutions that do not possess data to be combined to apply for data integration and utilization with data from other companies and institutions more easily.

The amendment introduces a sampling integration system that enables efficient and secure integration by extracting only a portion of large-scale data.

Additionally, the conditions for self-integration of data by specialized data institutions were rationalized to facilitate smooth data integration and utilization.

The Financial Supervisory Service also introduced a system to verify the eligibility of specialized data institutions every three years. This measure ensures the expertise and security of specialized data institutions are maintained.

A Financial Services Commission official stated, "We have improved related systems so that the financial sector can lead the data economy era through the activation of data integration and utilization between the financial sector and various other fields."

Meanwhile, on the 11th, the Financial Services Commission will accept preliminary designation applications for specialized data institutions from organizations that submitted preliminary applications in February for additional designation of specialized data institutions.