South Korea's state financial watchdog said Wednesday it has established a consolidated monitoring system for the nation's credit unions and other financial cooperatives.
There have been difficulties in regulating the industry vulnerable to financial accidents and breaches, with 2,263 firms, mostly small, operating nationwide, according to the Financial Supervisory Service (FSS).
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A file photo of the National Federation of Fisheries Cooperatives' building. (Yonhap) |
The FSS launched the Advanced Detection and Monitoring System (ADAMS) after a year of preparations in cooperation with the relevant federations in the sector.
"It would enable the standing monitoring of the industry and thorough risk management, utilizing big data," the FSS chief Zhin Woong-seob said in a ceremony to commemorate the launch of the system.
He added the watchdog will be able to collect massive information, stored by local financial cooperatives, systemically and swiftly, for the advanced analysis of potential risk factors.
The FSS plans to test-run ADAMS by February next year and put it in full service starting in April.
Other participants in the opening ceremony included the heads of the National Agricultural Cooperative Federation, the National Federation of Fisheries Cooperatives, the National Forestry Cooperative Federation and the National Credit Union Federation. (Yonhap)
