South Korea's financial regulator said that it will open the country's first financial data exchange in March, a move that could boost the data-driven economy.
The exchange will serve as a key platform for buyers and sellers of financial, telecommunication and corporate data. It is meant to facilitate financial big data, according to the Financial Services Commission.
The move came nearly two weeks after South Korea's parliament passed three bills designed to ease regulations on the use of personal information, despite objections from privacy advocates.
The three bills related to data are intended to enable the use of personal information offered under an alias and processed technologically to conceal the provider's identity, without the user's consent, for compiling statistics and industrial research purposes.
In 2018, President Moon Jae-in stated that "data economy" is a key to South Korea's innovative growth. He expressed his determination to improve the legal system so that South Korea can emerge as a global powerhouse in data use, beyond just being an internet-savvy nation.