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By Anna J. Park
Big data has become another key area of competition among local credit card companies, with major credit card firms increasing the registration of tradable big data products on the Financial Data Exchange. They are looking to be appointed as one of the country's officially designated data institutions, which will be announced later this year.
According to the Financial Data Exchange Wednesday, where over 106 companies ranging from banks, insurers, brokerages, card companies and other private companies register tradable big data for transactions, about seven percent of the tradable big data products on the exchange is registered by eight major card companies.
The eight firms ― Shinhan, Samsung, KB Kookmin, Hyundai, Lotte, Woori, Hana and BC Card ― have uploaded a total of 693 currently available big data products, which is about seven percent out of the exchange's entire 1,213 currently available tradable data products as of Wednesday.
Samsung Card has registered 227 sets of data products, the largest number of tradable big data information, followed by Shinhan's 212, KB Kookmin's 122, BC Card's 81, Lotte's 16, Hana's 15, Woori's 12 and Hyundai's 8.
Samsung has been focusing on registering data products since last year, seemingly as part of efforts to be appointed as a Financial Service Commission (FSC) designated institution with data expertise. Last year alone, the company uploaded 116 tradable data products at the exchange, taking the top spot among the eight key local card companies. Chasing Samsung Card's footsteps, Shinhan registered 64 data products this year, the highest number among the card firms, followed by BC's 58.
Their fervor in registering tradable big data products at the exchange has heated up this year, as the three card companies ― Samsung, Shinhan and BC ― all submitted their applications in February to be appointed as FSC designated data institutions.
Given that one of the FSC's evaluation standards for the appointment of the data institutions is the company's efforts in vitalizing financial data, industry insiders think the number of the companies' big data products registered at the exchange might influence the FSC's decision when it designates the data institutions during the second half of this year.
"Card companies are expected to continue their efforts to increase the number of big data products tradable at the exchange, as they aim to strengthen their big data-related businesses to prepare to grab new opportunities in new business areas," a credit card market insider pointed out.
Since the exchange's launch in May 2020, a cumulative 8,716 big data transactions took place at the trade platform.
