Various types of information including personal credit information and corporate information are being concentrated within Korea Credit Information Services (KCIS). As KCIS has emerged as ‘data dinosaur’ as South Korean Government focuses on vitalizing MyData industry, relevant industries are starting to be concerned about shrinkage of private sectors. According to financial industries, KCIS started operating ‘Innovative Growth Intelligence System’ since last month.
This system is a platform that manages innovative funds that are supplied by 11 financial institutions and government departments. It is utilized to share current status of monetary support by financial institutions for innovative growth. Data related to chattel finance will be accumulated with KCIS starting from the second half. KCIS’s goal is to separate various information based on types of information and allow banks to inquire analyzed information frequently.
Information on machineries and facilities was lacking despite South Korean Government’s effort to vitalize chattel finance. By establishing database (DB) for chattel finance, FSC is hoping to provide information related to loan management that is needed by banks. In addition to this information, FSC is looking into introducing loan application information and unusual financial transaction detection system based on Big Data to KCIS. Its goal is to share various financial information through KCIS.
When these systems are established, greater amount of information will be shared through KCIS. Besides information on loans and security balance that has been handled by KCIS, important information related to businesses and corporates will also be provided by KCIS.Credit bureau industry is concerned about possible leakage of personal information and shrinkage of private sectors as KCIS’ territory continues to grow. Actually, financial authorities’ plans on introducing MyData industry and vitalizing data economy are not making much progress due to strong opposition by civil societies.
Meanwhile, FSC divided tasks of corporate credit bureaus into information inquiry, provision of corporate rankings, and technological credit evaluation when it announced its plan to develop credit information industry in 2018. It greatly eased regulations so that TCB (Technological Credit Bureau) is possible within patent corporates and accounting corporates.
Source: ET NEWS