|Eun Sung-soo, the Chairman of Financial Services Commission (yna.co.kr)|
Starting this April, the Financial Services Commission (FSC) will operate a system that provides financial data from nine public financial organizations, including the Financial Supervisory Service and the Korea Deposit Insurance Corporation, to the general public. The FSC announced that this system would boost the data-based economy with the Data 3 Act that will be implemented from August 5th. Contrary to the previous data processing focusing on storing the data, emphasizing the protection of privacy, the Data 3 Act allows non-identifiable personal information to be used for statistical or research purposes. Advanced digital technologies in modern society, such as artificial intelligence (AI) and big data, require extensive data, and the Data 3 Act enables this by sharing their big data. For example, during the coronavirus disease (COVID-19) outbreak, demand for masks exploded, so it was difficult to identify drugstores with a stock of masks. Therefore, the Ministry of Science, Information, and Communication Technology provided public data on areas such as the places where selling masks or the number of masks in stock. By using this data, developers were able to develop applications or websites that inform people about the mask inventory in each pharmacy. The disclosure of financial data, therefore, could be seen as one of the steps toward expanding the distribution and utilization of data. As extensive data is opened to the public, innovation will be induced in various fields. For fintech and start-up companies, which are having trouble with the lack of data, utilizing such services should help bridge the data gap with large companies. Individuals can also refer to others’ information, such as their ages or disease history, and help people to decide which insurance to sign up for. As a result, better financial services could be provided to consumers.
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