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South Korea: Regulator touts Big Data as engine of growth in finance

Source: Asia Insurance Review | Dec 2016

South Korea’s top financial regulator has stressed the importance of making the most of Big Data in financial services, saying it is one of the government’s core policies to reform the nation’s financial system.
 
   Mr Yim Jong-ryong, Chairman of the Financial Services Commission, pointed out that Big Data is called the “crude oil of the 21st century”, reported the Yonhap News Agency. He spoke at an event on Big Data hosted by the Korea Credit Information Services (KCIS).
 
   KCIS, launched in January, demonstrated how Big Data was used to analyse patterns in South Koreans’ insurance contracts and management, providing a peek into the full-fledged use of Big Data in the financial sector.
 
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