South Korea’s financial data exchange platform, the first of its kind here, has seen billions of won worth of data being traded there in its month.
Since kicking off on May 11, the platform has reportedly arranged 315 transactions of financial information collected from local companies, including credit card issuers and lenders, according to the state-run Financial Security Institute, which operates the platform.
A total of 113 data sets were sold and the average sales price came to 30 million won ($25,000). Shinhan Card made the highest bid, selling its data on credit card spending for 80 million won. Its data analyzed spending habits by gender, region and age, which is useful for developing corporate marketing strategies.
“Ranging from income distribution at a given apartment complex to what consumers buy at convenience stores along the Han River, the financial data exchange platform stores a variety of information, which can foster new business opportunities based on big data,” an FSI official said.
By Choi Jae-hee (firstname.lastname@example.org