|To nurture a data-based financial industry and to promote “fintech” (financial technology) businesses, Korea’s financial authorities will make 44.5 million pieces of public financial data available to the public. This data consists of large sets of information stored at the Financial Services Commission (FSC) and several other public financial institutions in Korea. |
Listed firms are required to report their financial data to the financial authority via an online-based data analysis, retrieval, and transfer system, according to the Act on External Audit of Stock Companies. Non-listed firms here are exempted from the formal disclosure requirement. However, information about non-listed firms including Korea Development Bank and Industrial Bank of Korea will be made public as part of the new scheme, to include data on corporate governance and financial soundness.
In April, the financial regulator ran a pilot test that offered public financial data to fintech firms, startups, and research institutions. “The opening of public financial big data will foster fintech firms’ data-driven innovative services,” an FSC official said. Financial sector regulators are increasingly looking to collaborate with data-technology companies and are promoting data-sharing schemes to help create new opportunities for improved financial services offerings and regulatory capacities.