"Information Disclosure is Essential for the Success of the MyData Industry" (Comprehensive)

Authorities and Financial Firms Collaborate to Build Consensus on Data Opening
Emphasis on Information Security and Consumer Focus
Full Implementation from August 5
KB, Shinhan Compete to Capture Market Lead

[Asia Economy Reporter Kangwook Cho] With the implementation of the 'MyData Business (Personal Credit Information Management Service),' which allows users to understand and manage all their financial information at once, just over a month away, the financial sector is now actively competing to secure market dominance. In this context, 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. At this meeting, a consensus was formed that all parties must open their data to each other for the industry's success.

At the forum held on the 29th at the International Conference Room of the Korea Federation of Banks in Jung-gu, Seoul, Son 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 Son, Shin Hyun-jun, 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 Son 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 stressed, "The MyData industry should be promoted from the perspective of maximizing consumers' financial benefits in 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."

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

Son Hyun-wook, Director at 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 the successful establishment of MyData, all information that can be accessed via websites or counters should 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 while also proposing that the market leadership should quickly shift from the government to the private sector. Naver Financial also highlighted the connectivity of technology and information, introducing the expansion potential of the MyData industry. Experts emphasized in the subsequent discussion 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.

The financial sector is accelerating its efforts to secure market dominance ahead of the MyData era. The frontrunner is Shinhan Bank, which was the first in the banking sector to sell data on the Financial Data Exchange operated by the Financial Security Institute. Shinhan Bank has been preparing around its Big Data Center, established early in 2016.

KB Kookmin Bank, which started selling data on the Data Exchange this month, is also putting full effort into the MyData business. Its distinctive feature is providing convergence services between finance and telecommunications. Woori Bank, following the operation of its Big Data Center, launched the 'MyData License Preparation Task Force (TF)' on the 20th of last month. Hana Bank is participating in the group MyData business response strategy project conducted by Hana Financial Group's 'ICT Strategy Team' from last month until August, a period of about four months. It also submitted a pre-demand survey for MyData to the Financial Services Commission. NH Nonghyup Bank formed a consortium with Nonghyup Life Insurance, Nonghyup Property & Casualty Insurance, NH Investment & Securities, Nonghyup Capital, and NH Savings Bank, and was selected as a business operator for the '2020 MyData Demonstration Service Support Project' led by the Ministry of Science and ICT, embarking on planning a new financial platform.

A financial sector official said, "Although competition threats from Big Tech and fintech will increase, a new personal financial management (PFM) market will open," and predicted, "With the implementation of MyData in August, competition among players including the financial sector, IT, and fintech will intensify."

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