Invest KOREA

According to Yonhap News,

Ministry of Science and ICT (MSIT) unveiled its ambitious goal on Jan. 5 to push for the plan, adopting a data platform where a large pool of data collected so far can be accessible, which in turn would further develop into open datasets to be economically made full use of. Further specifically, MSIT makes over 1,400 sets of big data platform in 10 different business sectors publicly available, distributes them and ultimately diversifies business portfolio to be served.

To let reliable sources to be commercially distributed, MSIT sets a market standard applicable to each platform, breaking down the sectoral barriers to make them closely interactive. For high quality data collection, they starts to work with public-private institutions who’ve long advanced data-analytic skills. So called ‘Data Voucher program’, a part of support schemes to help SMEs have access to data purchase, a potential source of innovation to be served in the market, will be introduced and publicized for widespread implementation of the program.

A personal data processing platform, named ‘MyData’ will be implemented in public and financial domains. Plus, the government of S. Korea seeks and train data experts, while expanding support channels to help promising startups join consulting services and investment promotion activities to further advance data processing skills.

MSIT says “If Personal Data Protection Laws, which await an approval at a Cabinet meeting, are legally enforced, chances are we could have more, better quality of data to be used, which would become the very source of technological breakthrough across a broad spectrum of industries.” Along with a set of subsequent measures to overhaul subordinate legislations, the authority is planning to spur the project to further foster data industry, focusing primarily on key sectors such as banking and medical service to make the revision kick in as early as possible when it starts to go into effect.

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Source: Yonhap News (Jan. 5, 2020)