Authorities to open up public financial database to public for innovation

As part of its move to nurture the data-based financial industry and financial technology businesses, Korea’s financial authorities will open up 44.5 million pieces of public financial data to the public for free, starting Wednesday, regulator Financial Services Commission said Monday.

The range of public financial data consists of large sets of information stored at the FSC and eight other public financial institutions in Korea -- the Financial Supervisory Service, the Korea Development Bank, the Industrial Bank of Korea, the Korea Credit Guarantee Fund, the Korea Securities Depository, the Korea Asset Management Corporation, the Korea Housing Finance Corporation and the Korea Inclusive Finance Agency.

Among the new data, some 580,000 cases of financial information about nonlisted firms -- such as the state-run lender Korea Development Bank and Industrial Bank of Korea will be made public for the first time -- which includes data on corporate governance and financial soundness, the FSC said. 

Meanwhile, listed firms are obligated to report their financial data to the financial watchdog via the FSS’ online-based data analysis, retrieval and transfer system, according to the Act on External Audit of Stock Companies. However, nonlisted firms here have been excused from such disclosure of corporate information since they are not subject to audit practices. 

Earlier, the financial regulator ran a pilot test in April, offering public financial data to fintech firms and startups as well as research institutions. A total of 46,739 pieces of information were in use as of this month, according to the FSC.

“The opening of public financial big data will foster fintech firms’ data-driven innovative services,” an FSC official said. 

“The FSC will step up efforts to increase the number of financial institutions participating in the open financial big data system.”

Further information on public financial data may be found at the public data portal (http://www.data.go.kr).

By Choi Jae-hee (cjh@heraldcorp.com)