Featured Product

    FSC on Financial Data Exchange Platform and Credit Information Act

    January 21, 2020

    FSC notified that a kick-off meeting to develop a vibrant data exchange ecosystem in the financial industry was held in January 2020. The government established a public-private joint council in preparation for the pilot launch of a financial data exchange platform in March this year. The data exchange platform will offer a one-stop service and provide innovative data exchange solutions while ensuring the security and safety of data transactions. Additionally, FSC notified that the National Assembly passed the revision bill on the Credit Information Use and Protection Act on January 09, 2020. The revision bill provides a legal basis for the use of big data and the commercialization of new innovative services and is expected to introduce a score-based credit rating system within this year. The effective date for the revision is six months from the promulgation.

    The data specialized agency will handle data convergence, evaluate the appropriateness of "pseudonymized" information, and ensure safety and security in data exchange. A public-private joint council led by FSC and composed of financial institutions and fintech firms will operate three working groups on supply and demand, guidelines, and policy support. The working group on supply and demand will assess the supply and demand of financial data in different sectors and companies. The group on guidelines will establish standards on procedures, contract formats and pricing in data exchange; and the policy support working group will focus on areas of policy improvements and measures to promote data exchange.

    To continue to promote data economy, FSC will work on a seamless implementation of the follow-up measures.

    • Work on successful launch of MyData businesses by operating working groups to establish standards for the scope of data usage, security, and authentication and authorization measures
    • Establish measures for information security by improving the current information usage and management evaluation system for financial institutions and upgrading the information use consent form
    • Set up big data infrastructure to support the creation of data ecosystem in financial sectors, including establishing a data exchange in the first quarter of 2020 to promote data distribution through which non identifiable data and company information can be exchanged; making available a wide array of quality data through CreDB, a financial big data open system operated by the Korea Credit Information Services since June 2019; and designating and operating data special institutions institutions in the third quarter of 2020 to support safe and efficient data conversion activities between companies
    • Introduce a score-based credit rating system within this year to address problems arising from the current standardized credit evaluation system
    • Develop measures in the first quarter of 2020 to support small merchant financing using big data platform

     

    Related Links

    Keywords: Asia Pacific, Korea, Banking, Insurance, Securities, Data Exchange Platform, Data, Credit Information Act, Big Data, Fintech, Credit Rating System, Credit Risk, FSC

    Related Articles
    News

    EBA Issues Erratum for Phase 2 Package of Reporting Framework 3.0

    EBA published an erratum for the technical package on phase 2 of the reporting framework 3.0.

    April 08, 2021 WebPage Regulatory News
    News

    MAS Amends Notice on Related Party Transactions of Banks

    MAS amended Notice 643A that addresses requirements for banks to prepare statements of exposures and credit facilities to related concerns or parties.

    April 08, 2021 WebPage Regulatory News
    News

    ECB Amends Guideline on Euro Short-Term Rate

    ECB has published, in the Official Journal of the European Union, the Guideline 2021/565 on the euro short-term rate (€STR) and this guideline amends the previous ECB Guideline 2019/1265.

    April 07, 2021 WebPage Regulatory News
    News

    EBA Consults on Standards Related to FRTB-SA

    EBA launched a consultation on the draft regulatory technical standards on the list of countries with an advanced economy for calculating the equity risk under the alternative standardized approach (FRTB-SA).

    April 07, 2021 WebPage Regulatory News
    News

    PRA Proposes Rules Related to IRB Approach for Credit Risk

    PRA is proposing, via CP7/21, the approach to implementing new requirements related to the specification of the nature, severity, and duration of an economic downturn in the internal ratings-based (IRB) approach to credit risk.

    April 07, 2021 WebPage Regulatory News
    News

    BoE Outlines Regulatory Treatment of Recovery Loan Scheme of UK

    The UK government launched the Recovery Loan Scheme (RLS) as part of its continued COVID-19 support for UK businesses, as announced by HM Treasury on March 03, 2021.

    April 06, 2021 WebPage Regulatory News
    News

    FSB Addresses G20 on COVID Measures, TBTF Reforms, and Climate Risks

    FSB published a letter, from its Chair Randal K. Quarles, to the G20 Finance Ministers and Central Bank Governors, ahead of their virtual meeting on April 07, 2021.

    April 06, 2021 WebPage Regulatory News
    News

    OSFI Unwinds Temporary Increase to Covered Bond Limit for Banks

    OSFI issued a letter to the deposit-taking institutions issuing covered bonds and announced the unwinding of the temporary increase to the covered bond limit for deposit-taking institutions, effective immediately.

    April 06, 2021 WebPage Regulatory News
    News

    EU Amends CRR and Securitization Regulation in Response to Pandemic

    To support recovery from the COVID-19 crisis, EU has published two regulations to amend the securitization framework, as set out in the Securitization Regulation (2017/2402) and the Capital Requirements Regulation or CRR (575/2013).

    April 06, 2021 WebPage Regulatory News
    News

    HM Treasury Announces G7 Agreement on Green Agenda Ahead of COP26

    HM Treasury announced that G7 Finance Ministers and Central Bank Governors met ahead of COP 26, the 2021 UN Climate Change Conference, and agreed on green agenda.

    April 06, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 6821