One Month Away from the MyData Era: "Information Openness is Essential"

On the 29th, the Financial Services Commission held a MyData Forum in the financial sector at the Korea Federation of Banks in Jung-gu, Seoul, together with the Credit Information Service, the Korea Financial Telecommunications and Clearings Institute, and the Financial Security Institute. Sohn Byung-doo, Vice Chairman of the Financial Services Commission, is delivering a greeting.

[Asia Economy Reporter Kangwook Cho] With the implementation of the 'MyData Business (Personal Credit Information Management Service)', which allows users to grasp and manage all their financial information at once, just over a month away, the financial sector is now actively competing to capture the market. In this context, a forum was held where experts from various fields including financial authorities, financial companies, fintech firms, and IT companies gathered to discuss the development direction of the MyData industry in the financial sector. A consensus was formed that for the industry to succeed, all parties must open their data to each other.

At the forum held on the 29th at the Bankers Association International Conference Room, Sohn Byung-doo, Vice Chairman of the Financial Services Commission, emphasized four key elements as prerequisites for the successful introduction of MyData: consumer-centricity, industry scalability, reciprocity and fair competition, and information protection. Attendees included Vice Chairman Sohn, Shin Hyun-joon, President of the Credit Information Center, Kim Hak-soo, President of the Korea Financial Telecommunications & Clearings Institute, Kim Young-gi, President of the Financial Security Institute, Hur In, CEO of KB Kookmin Bank, Choi In-hyuk, CEO of Naver Financial, and Lee Seung-geun, CEO of Viva Republica.

Vice Chairman Sohn stated, "Financial companies, ICT, and fintech firms must open the information they hold as much as possible from the perspective of reciprocity to maximize consumer benefits," adding, "The government will also focus on creating an environment where fair competition can occur without regulatory arbitrage." He further said, "The MyData industry should be promoted from the perspective of maximizing consumers' financial benefits such as credit management, asset management, consumption, and savings," and emphasized, "We must pay more attention to security so that the public can use data with peace of mind."

At the MyData Forum in the financial sector held on the 29th, attendees are taking a commemorative photo. From the left in the photo: Jo Jaebak, Head of KPMG; Kim Cheolgi, Head of Shinhan Bank; Seo Jeongho, Director of the Digital Finance Research Center at the Korea Institute of Finance; Kim Younggi, President of the Financial Security Institute; Shin Hyunjun, President of the Credit Information Service; Son Byungdoo, Vice Chairman of the Financial Services Commission; Kim Haksu, President of the Korea Financial Telecommunications and Clearings Institute; Heo In, President of KB Kookmin Bank; Choi Inhyuk, CEO of Naver Financial; Lee Seunggun, CEO of Viva Republica; Kim Taehun, CEO of Rainist.

MyData is an industry that provides various services such as integrated financial information inquiry, customized financial product consultation and recommendation, requests for deletion or correction of personal information, credit information management, and proxy exercise of the right to request interest rate reduction. It will be officially introduced from August 5. Since data transactions and sharing involve over 100 participating companies across the financial sector including banks, cards, insurance, as well as IT, fintech, and security industries, the scope for discovering new services utilizing this data is broad.

Son Hyun-wook, Director of Viva Republica, which operates the mobile financial service Toss, cited comprehensive data openness and reciprocity as two of the three key elements for the successful establishment of MyData. Director Son said, "For MyData to be successfully established, all information that can be viewed on websites or at service counters must be opened," and added, "Financial institutions and fintech companies must open their data to each other."

KB Kookmin Bank, which presented on the topic, suggested data sharing as a development direction and also proposed that the market leadership should rapidly shift from the government to the private sector. Naver Financial also emphasized the connectivity of technology and information and introduced the expansion potential of the MyData industry. Experts in the subsequent discussion stressed that efforts should be made for MyData to create new value through convergence between the financial sector and industries, and that protecting the information sovereignty of financial consumers should not be neglected.

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