S. Korea opens financial data exchange
SEOUL, May 11 (Yonhap) -- South Korea on Monday opened its first exchange for financial data, the financial regulator said, in a move that could boost the data-driven economy.
The exchange will serve as a key platform for buyers and sellers of financial, telecommunication and corporate data. It is meant to facilitate financial big data, according to the Financial Services Commission.
"The government will ensure that the financial data exchange will take root as an innovative infrastructure of financial companies, fintech companies and startups," Sohn Byung-doo, vice chairman of the Financial Services Commission, said in a speech at the opening ceremony at a Seoul hotel.
The move came four months after South Korea's parliament passed three bills designed to ease regulations on the use of personal information, despite objections from privacy advocates.
The three bills related to data are intended to enable the use of personal information offered under an alias and processed technologically to conceal the provider's identity, without the user's consent, for compiling statistics and industrial research purposes.
In 2018, President Moon Jae-in stated that the "data economy" is a key to South Korea's innovative growth. He expressed his determination to improve the legal system so that South Korea can emerge as a global powerhouse in data use, beyond just being an internet-savvy nation.
entropy@yna.co.kr
(END)
-
S. Korea to resume issuing short-term travel visas, e-visas next month
-
Ateez to drop new Japanese EP next week
-
(2nd LD) N. Korea still unresponsive to S. Korea's outreach for talks on COVID-19: official
-
(LEAD) At least 8 injured in S-Oil refinery explosion in Ulsan: firefighters
-
Hyundai Motor to invest US$5 bln in U.S. for robotics, autonomous driving development
-
S. Korea to resume issuing short-term travel visas, e-visas next month
-
(5th LD) Yoon, Biden agree to expand joint military exercises to cope with N.K. threats
-
(LEAD) Yoon, PPP lawmakers travel to Gwangju en masse to commemorate 1980 democracy uprising
-
(LEAD) At least 8 injured in S-Oil refinery explosion in Ulsan: firefighters
-
(LEAD) Biden set to arrive in S. Korea for first summit with Yoon
-
Military develops new helmet capable of stopping stronger pistol rounds
-
Agencies remain silent as V of BTS, BLACKPINK's Jennie rumored to be dating
-
Biden says he and Yoon 'married up'
-
With historic Golden Boot, Son Heung-min cements case as greatest S. Korean footballer ever
-
U.S.-led IPEF outweighs China-involving RCEP in population, GDP