South Korea: FSC calls for Open Data Access
At a recent forum the Financial Services Commission (FSC) Vice Chairman Sohn Byung-doo called on industry players to ‘open up their data assets as much as possible’ to enable innovation in financial services.
South Korea’s FSC has made data access and availability a priority this year, launching a data exchange and a ‘Digital New Deal’ strategy designed to accelerate the economy via data and digital innovation.
In August, the FSC will follow previous data policy advances with the introduction of MyData. The MyData model will widen access to personal credit data, allowing this information to be integrated with third party services and giving consumers the ability to control who uses their data and where. It also entails a change in the legal framework that permits financial institutions to use personal data for commercial purposes.
The FSC intends wide access to credit data to enable the development of more innovative, data-driven financial services with benefits for consumers.