Tue, Feb 03, 2015 - Page 13 News List

FSC doubles down bet on ‘open data’ in wider plan

By Amy Su  /  Staff reporter

The Financial Supervisory Commission (FSC) yesterday said it plans to provide more financial data to the public within three months in its latest effort to assist investors, academics and lenders to better manage their investment risks.

The commission’s decision came yesterday after it met with 16 affiliated institutions, including the Central Deposit Insurance Corp (中央存款保險), the Joint Credit Information Center (財團法人金融聯合徵信中心) and Taiwan Stock Exchange Corp (TWSE, 台灣證券交易所), to discuss offering “open data” from government agencies.

A total of 631 more financial data sets are to become public by the end of May, up from 83, under the regulations of the Personal Information Protection Act (個人資料保護法), the commission said.

In the first-round release of data, the commission and its affiliated institutions are scheduled to open 426 financial data sets later this month.

The sets are to include regular charges by banks, stock markets’ daily trading figures, the net value of funds and data related to the insurance sector, the commission said.

The commission plans to update these data sets quarterly for public reference, FSC Chairman William Tseng (曾銘宗) told a news conference.

If the Joint Credit Information Center and the Financial Ombudsman Institution (財團法人金融消費評議中心) release more financial data to the public, consumers might be able to better understand a wider array of financial products, while financial institutions would better know which products or sectors have higher risks or offer better prospects, Tseng said.

For the securities segment, investors may better understand information from local listed companies via careful analysis, while avoiding from investing in risky stocks, if TWSE and GRETAI Securities Market (證券櫃臺買賣中心) publish more data, Tseng said.

In addition, Tseng said the commission would launch 11 projects related to applications of big data within a year, such as an online platform providing statistics of real-estate credit risks, for potential property buyers.

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