Korea’s FSC unveils plans for big-data infrastructure in finance (June 2019)

Korea’s Financial Services Commission (FSC) has revealed that it plans to create a big-data infrastructure in finance, in a bid to promote a digital economy. The plans comprise a number of components, including: an open data system by Korea Credit Information Services (KCIS); the designation of a specialised agency for financial data; and the creation or a financial data exchange system by the Financial Security Institute (FSI).

Commenting on the announcement, FSC chairman, Choi Jongku, said the infrastructure will pave the way for further digital innovation and competition in the financial sector.