Featured Product

    FSC Korea Announces Plans to Promote Use of Big Data in Finance

    July 16, 2020

    FSC Korea announced plans to promote the use of big data in finance. These plans include making improvements to the Korea Credit Information Services’ CreDB system and newly creating an open big data system at the Korea Financial Telecommunications and Clearings Institute. In addition, FSC held a kick-off meeting of the working group on the promotion of artificial intelligence technology in financial services in July 2020. The meeting discussed major trends and policies on the application of artificial intelligence in financial services as well as plans for the working group. The working group aims to unveil its plans for the promotion of artificial intelligence by the end of this year.

    Personal and business credit information system called CreDB was established at the Korea Credit Information Services, offering financial data to financial companies, enterprises, and academia beginning on June 3, 2019. Due to a rise in demand, the CreDB system needs to be improved to make more types of datasets available, improve server capacity to make deep learning and other types of more sophisticated data analysis possible, and make cross convergence and analysis possible between the CreDB data and other types of non-financial data. The improved CreDB system will help increase credit data usage by financial and non-financial companies as well as academia. The upgrades made to the CreDB will facilitate the development of more innovative financial and convergence-based services while promoting the advancement of more in-depth research and artificial intelligence development. The key planned improvements to CreDB include:

    • Introduction of insurance database from July 01, user-tailored database from second half of 2020, and educational database from July 01
    • Boosting of the server capacity in the second half of 2020 to enable deep learning and other artificial intelligence based data analysis methods
    • Facilitation of research based on convergence of data between CreDB data and other non-financial data sets by building a database designated for converged data sets in the second half of 2020

    Korea Financial Telecommunications and Clearings (KFTC) Institute manages and stores extensive amount of payment information, such as account transfers, electronic payments, and electronic bill transactions. These data can be used to analyze cash flows and how consumers use financial services. As such, the government will support the creation of KFTC’s financial big data system through a three-stage process.

    • KFTC will begin to provide big data analysis service for financial companies to help improve their operation (second half of 2020).
    • With the revised Credit Information Act taking effect on August 05, the use of anonymized and pseudonymized data will be more widely available. To facilitate the use of financial payment information for research and other purposes, KFTC will create an open big data system for financial payment information, which will be made available through websites and API as well as upon request (first half of 2021).
    • Once designated as a data specializing institution, KFTC will provide data convergence service to financial and non-financial companies as well as fintech (first half of 2021).

    With the creation of KFTC’s financial big data system, the use of financial big data and data convergence with other industries will become more widespread. Fintechs and startups will be given more opportunities to venture into new business areas while consumer convenience will be improved. The government will continue to work on developing the data infrastructure in the financial sectors and launch a public-private joint council on promoting big data to further advance the big data industry.

     

    Related Links

    Keywords: Asia Pacific, Korea, Banking, Insurance, Securities, Artificial Intelligence, Big Data, Fintech, CreDB, Credit Risk, FSC

    Related Articles
    News

    BCBS Amends Capital Treatment of Non-Performing Loan Securitizations

    BCBS published a technical amendment to the capital treatment of securitizations of non-performing loans by banks.

    November 26, 2020 WebPage Regulatory News
    News

    BoE to Move Statistical Data Collection to BEEDs Portal

    BoE announced that the Data and Statistics Division is planning to move collection of statistical data to the BoE Electronic Data Submission (BEEDS) portal.

    November 25, 2020 WebPage Regulatory News
    News

    APRA Updates Reporting Standards and Guidance for EFS Data Collection

    APRA published the updated reporting standards and guidance for the collection of Economic and Financial Statistics (EFS), following a consultation process. Also published was a response letter to the feedback received on the proposal for amending the EFS reporting standards and guidance.

    November 24, 2020 WebPage Regulatory News
    News

    EC Consults on Criteria for Environmentally Sustainable Activities

    EC is consulting on a draft delegated regulation to supplement the Taxonomy Regulation (2020/852) by establishing the technical screening criteria for determining the conditions under which an economic activity qualifies as environmentally sustainable.

    November 20, 2020 WebPage Regulatory News
    News

    IFRS Examines Incorporation of Climate Risk Issues into IFRS Standards

    The IFRS Foundation published material highlighting the ways in which existing requirements in IFRS standards require companies to consider climate-related matters when their effect is material to the financial statements.

    November 20, 2020 WebPage Regulatory News
    News

    EBA Analyzes Impact of Unwind Mechanism of Liquidity Coverage Ratio

    EBA published a report analyzing the impact of the unwind mechanism of the liquidity coverage ratio (LCR) for a sample of European banks over a three-year period, from the end of 2016 to the first quarter of 2020.

    November 19, 2020 WebPage Regulatory News
    News

    ECB Outlines Views on Possible Changes to AnaCredit Rule and TLTROs

    In response to questions from a member of the European Parliament, the ECB President Christine Lagarde issued a letter clarifying the possibility of amending the AnaCredit Regulation and making targeted longer-term refinancing operations (TLTROs) dependent on the climate-related impact of bank loans.

    November 19, 2020 WebPage Regulatory News
    News

    IASB Begins First Phase of Post-Implementation Review of IFRS 9

    IASB started the post-implementation review of the classification and measurement requirements in IFRS 9 on financial instruments and added the review as a project to its work plan.

    November 18, 2020 WebPage Regulatory News
    News

    FSB Report Examines Progress in Resolvability of Systemic Institutions

    FSB published a report that examines progress in implementing policy measures to enhance the resolvability of systemically important financial institutions.

    November 18, 2020 WebPage Regulatory News
    News

    EBA Benchmarks National Insolvency Frameworks Across EU

    EBA published a report on the benchmarking of national loan enforcement frameworks across 27 EU member states, in response to the call for advice from EC.

    November 18, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 6162