KT Launches Financial Cloud Package for MyData Service Providers

[Asia Economy Reporter Seulgina Cho] KT announced on the 17th that it will launch a financial cloud package service to support the MyData business.

MyData refers to the opening and utilization of personal data with the consent of the data subject. Since the 5th, the financial authorities have been accepting preliminary MyData license applications and have begun the review process. More than 120 applicants have expressed interest, including traditional financial institutions such as banks, card companies, insurance, and securities firms, as well as fintech companies and non-financial enterprises.

KT is introducing the KT Financial Cloud Package service for small and medium-sized fintech companies preparing for the MyData business. This service features an all-in-one offering that includes a ‘cloud infrastructure’ meeting the essential security requirements for MyData business licensing, various ‘financial APIs’ such as account holder inquiry and ID verification, a ‘big data platform’ capable of data collection and analysis, and ‘customized consulting’ for configuring financial cloud infrastructure. To this end, KT has partnered with ‘Kukon,’ a business information provider, and ‘Zenosolution,’ an electronic financial solutions specialist.

KT plans to support digital financial innovation by combining its experience leading the financial cloud market with its artificial intelligence (AI) and big data capabilities, while collaborating with these companies. KT was the first in Korea to introduce the Financial Security Data Center (FSDC), providing a private cloud environment for small financial firms. Last year, KT also built the KEB Hana Bank Global Payment Platform (GLN), which passed the Financial Security Institute’s guidelines, and opened a financial-dedicated cloud zone. Based on this experience, KT plans to offer additional services that enable the collection, analysis, and management of big data using high-performance infrastructure such as AI GPUs.

Companies wishing to use the financial cloud package service can apply for professional consulting through the KT Cloud Portal (https://cloud.kt.com).

Yoon Dongsik, Head of KT Cloud/DX Business Division (Executive Vice President), said, “We aim to support fintech companies’ MyData business with KT’s financial cloud package service,” adding, “KT will continue to introduce cloud-based solutions to help customers innovate their businesses.”

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