Financial Services Commission to Hold MyData Forum in Financial Sector on 29th

[Asia Economy Reporter Kim Hyo-jin] The Financial Services Commission announced on the 23rd that it will hold a MyData Forum in the financial sector on the 29th at the International Conference Room of the Korea Federation of Banks in Jung-gu, Seoul.

At the forum, the FSC plans to invite financial companies, financial technology (Fintech) firms, information and communication technology (ICT) companies, and experts to discuss the development direction, expected services, and prospects of the MyData industry in the financial sector from various perspectives.

The FSC will also provide detailed information regarding MyData licensing and conduct a Q&A session based on pre-collected inquiries.

Those wishing to attend the forum can apply through the 'Financial Sector MyData Forum Pre-registration' website (https://forms.gle/yD1bLSVpsduKU5V48).

To prevent the spread of the novel coronavirus infection (COVID-19), the FSC has limited attendance to a maximum of 100 people on a first-come, first-served basis, with one person per company allowed. The forum will be broadcast live on the FSC's YouTube channel. Depending on the COVID-19 situation, the forum may be switched to an online format.

The MyData industry is expected to launch in August based on amendments to the Credit Information Act.

Once the MyData industry launches, consumers will be able to comprehensively view and manage their credit information scattered across financial companies, such as financial product subscription records and asset details. Public information, including national and local tax payment records and the four major social insurance premium payment details, will also be included.

Consumers will receive services specialized for them, such as information management, asset management, and credit management, from MyData providers. For this reason, it is also called a 'financial secretary' or 'Pocket Finance.'

MyData providers may analyze individuals' card transaction histories, insurance information, and investment information to recommend advantageous financial products.

Companies wishing to enter the MyData sector must obtain permission from the FSC. In a demand survey for MyData licensing conducted by the FSC last month, 116 companies expressed their intention to apply for permission.

This content was produced with the assistance of AI translation services.