Gov't to Release Information About Small Businesses | Be Korea-savvy

Gov’t to Release Information About Small Businesses

(image: Korea Bizwire)

(image: Korea Bizwire)

SEOUL, Dec. 9 (Korea Bizwire)Amid growing market demand for the release of data about owner-operated businesses, the Financial Services Commission (FSC) decided to make public such data held by public financial institutions starting from Friday.

Five public financial institutions, including the Industrial Bank of Korea and the Korea Development Bank, under the umbrella of the FSC, will provide such information, while the Financial Security Institute will be responsible for data integration and anonymity processing.

The government-held information about owner-operated businesses will be opened in an application programming interface (API) format in four categories, including basic information, financial information, banking information and assessment information.

The FSC and other participating public institutions stressed that they fully addressed the concern about the protection of personal information by ensuring thorough de-identification processing of the data that makes it impossible to differentiate the identity of the data.

Main identification information such as the name of CEO, company name and business registration number will be excluded from the list of items to be disclosed.

Other information regarding age, number of employees, type of business and postal address will be released after going through de-identification processing.

The FSC noted that such data will make it easier for consulting companies or fintech companies to analyze commercial districts or to offer new business creation consulting services.

J. S. Shin (

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