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Gov't to boost big data in finance

June 03, 2019 / Park Hyong-ki

The Financial Services Commission (FSC) and the state-run Korea Credit Information Services (KCIS) will open a new database called CreDB as part of steps to boost big data analysis, the regulator said Monday.They will enable fintech startups and financial companies to gather and sample personal data on as much as 2 million people from the CreDB to analyze and study financial patterns.Data on bank loans and credit card spending will be open for access. The companies can then develop their own credit models, which they can further develop later on to integrate with future services. For now, they are forbidden to use the data for target marketing. "We will push forward to spur big data innovation in finance," FSC Chairman Choi Jong-ku said at an event to promote big data in finance. "First, we need to earn people's trust in the sector's use and transactions of data."The KCIS manages financial data of over 40 million people.The regulator will not allow companies...