FSC Opens API Access to Public Financial Institution Data

Source: Regulation Asia Editors, Regulation Asia 2020-06-10

The public release of the data is expected to contribute to the advancement of the data economy and fintech industry, while also creating more jobs in data-driven innovative services.

South Korea’s FSC (Financial Services Commission) on Tuesday (9 June) made 44.5 million pieces of public financial data available to the public through open APIs for free.

The data includes large sets of public financial data stored at the FSC and nine other public financial institutions – including information on non-listed firms such as Korea Development Bank and the Industrial Bank of Korea.

While listed firms are obligated to report their financial data to the FSC, non-listed firms have not been subject to the usual audit procedures and have not had to disclose information relating to their corporate governance and financial soundness.

KODIT (Korea Credit Guarantee Fund), KSD (Korea Securities Depository), and KAMCO (Korea Asset Management Corporation) are also among the institutions that have contributed their data.

The public release of the data is expected to contribute to the advancement of the data economy and fintech industry, while also creating more jobs in data-driven innovative services, the FSC said.

The regulator says it will work to make available more types of financial data and increase the number of institutions participating in the “open financial big data system”.

The release of the new data sets follows a pilot test conducted by the FSC in April, where public financial data was offered to fintech firms, startups and research institutions.

FSC

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Societe Generale

financial technology

FSC Opens API Access to Public Financial Institution Data

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