Korea to launch financial data exchange in March

South Korea will launch a financial data exchange in March to facilitate transactions of data between buyers and sellers of financial institutions, fintech firms, retailers and telcos.

The Financial Services Commission (FSC) announced Tuesday that it will open the country’s first data exchange that will serve as a platform to match data providers and recipients as needed.

The decision came about two weeks after the National Assembly passed three bills designed to ease regulations on the use of personal information.

The data exchange, for example, will help retailers conduct a commercial district analysis service based on data about floating population and credit card transactions. Insurers can come up with cheaper insurance plans by collecting information on accidents and vehicle safety. Financial companies can strengthen their robo-advisor platform, an automated online wealth management service, based on ample corporate data and stock market information, according to the FSC.

The FSC will soon come up with a guideline to give ground for supply and demand of financial data and attract financial firms to the exchange.

It will also consider introducing a data voucher program to help set appropriate data prices and support data purchases.

The legal foundation has been set up after the three data transaction-related bills were passed,” said an FSC official, adding efforts will be exerted to establish an innovative and safe open data exchange.

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