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South Korean regulator to allow financial companies easier access to state data

South Korea's Financial Services Commission released new rules to give financial companies easier access to data from state agencies, The Korea Herald reported March 19.

Under the new measures, state-led agencies like the Korea Credit Information Services or the Korea Insurance Development Institute will provide their sample databases to financial firms, financial technology startups and research institutions, starting from the second half.

FSC Chairman Choi Jong-ku said the measures will ease the level of regulation on private information protection, which he said "was already assessed to be at the highest level in 2013 and was toughened yet again in 2014." The regulations have undermined the use of big data in private sectors, he added.

The regulator also plans to establish a big data brokerage platform on a different agency by the first half of 2019.