One of the most critical elements in developing and vitalizing AI-based services and products is securing expansive AI learning database. Below is our update on the recent developments to build the legal framework and institutions to establish the infrastructure to promote distribution of data that may be used for AI learning in various industries including the financial sector.
1. MOTIE to Enact the Special Act on Promotion of Innovative Growth for Industries Based on Digitalization
On May 6, 2020, the Ministry of Trade, Industry and Energy (the "MOTIE") held a kick-off meeting for the task force to enact the "(draft) Special Act on Promotion of Innovative Growth for Industries based on Digitalization" (the "Act on Promotion of Digital Growth"). The meeting was held as a part of the government's “Policy for Smarter Industries,” which aims to apply cutting-edge digital technologies to industries such as manufacturing, energy and distribution. About 20 experts from the manufacturing, AI, big data and 5G industries as well as academia, research and legal sectors joined the meeting and discussed, among other topics, issues relating to the proprietary rights, transactions and business opportunities involving industrial data, ways to promote the use of industrial data and AI, and plans for the task force to enact the "Act on Promotion of Digital Growth."
The MOTIE, through its press release, announced that in recognition of the growing importance of industrial data worldwide, the government will work to establish the Act on Promotion of Digital Growth as a means to further advance policies, laws, systems and necessary infrastructure related to collecting and utilizing industrial data in Korea that fall behind other countries, and thereby seek to expedite the digitization of industries based on industrial data and AI.
Starting from the recent kick-off meeting, the MOTIE plans to establish three divisions, each dedicated to general management, system and support for the task force, respectively, and to conduct research on similar legislations at home and abroad, analyze related studies and collect opinions of experts from industries, academia and legal circles so that the Act on Promotion of Digital Growth can be enacted and approved by the National Assembly by the end of this year.
2. FSC Launches Financial Data Exchange to Promote Data Economy
On May 11, 2020, the Financial Security Institute (the “FSI”) launched the "Data Exchange," i.e., a major financial platform in the big data industry.
According to the press release of the Financial Services Commission (the “FSC”), the Data Exchange is currently in trial period and is set to function as a transaction platform to exchange non-identifiable data and business information between suppliers and buyers. According to the FSC’s operation plan, the Data Exchange will expand its function as a one-stop service platform to facilitate the transaction of financial data and non-financial data of various industrial sectors among financial institutions and other companies.
In addition to the launch of the Data Exchange, the FSC will publish data distribution guidelines to establish regulations on data distribution, provide data transaction vouchers to promote data transactions in the early stages, authorize financial companies to include big data as their ancillary service, and run a council for financial data.
The efforts of the MOTIE and the FSI to establish the infrastructure to utilize industrial and financial data will lay the foundation for an ecosystem to distribute AI learning data in the relevant industries, thereby promoting growth of AI industries.
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