(SEOUL=Yonhap News) South Korea's top financial regulator on Tuesday stressed the importance of making the most of big data in financial services, saying it's one of the government's core policies to reform the nation's financial system.
Yim Jong-ryong, chairman of the Financial Services Commission (FSC), pointed out that big data is called the "crude oil of the 21st century."
"Promoting the use of big data is our key financial reform task that can't be neglected even for a moment," he said, as he attended an event on big data hosted by the Korea Credit Information Services.
The agency, launched in January, demonstrates how big data was used to analyze the pattern of South Korean consumers' insurance contracts and management, providing a peek into the nation's full-fledged use of big data in the financial sector.
Yim, tapped as South Korea's new finance minister, said big data will provide the financial industry with an opportunity to make another leap.
"It will also serve as a power engine to create new economic value," he said, adding it's also important to take thorough measures to protect private credit information.
lcd@yna.co.kr
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Source: Yonhap News (Nov. 15, 2016)