Order Details for Women's Clothing and Cosmetics to Be Disclosed "Details to Be Finalized Through Discussions with E-commerce"

4th Digital Finance Council Meeting Held on the 12th... Principles for Future MyData Industry Discussions Presented
Consumer Information Sovereignty as Top Priority... Fostering MyData as Guardian of Information Sovereignty
Enhancing Data Security and Certainty... Linked Support for Open Banking, MyPayment, etc.
Creating Collaborative Ecosystem... Strengthening Cooperation and Communication with Civil Society and Stakeholders

Do Gyu-sang, Vice Chairman of the Financial Services Commission, is delivering opening remarks at the 4th Digital Finance Council held on the 12th at Front1 in Mapo-gu, Seoul.

[Asia Economy Reporter Kangwook Cho] A plan to open categorized order history information, such as women's clothing and cosmetics, is being considered. This is based on the judgment that order history information can be usefully utilized not only by companies but also for credit evaluation of individuals, the information subjects, thus qualifying as credit information.

On the 12th, the Financial Services Commission (FSC) held the 4th Digital Finance Council chaired by Do Kyoo-sang, Vice Chairman of the FSC, and announced that it will review ways to open categorized order history information. However, specific plans will be finalized through consultations with not only e-commerce operators but also consumer groups and related government agencies.

During the meeting, discussions were held on the data provision methods among MyData participating institutions. Various opinions were raised regarding the appropriate scope and level of data opening and principles for opening to foster the MyData ecosystem. In particular, there was in-depth discussion on how and to what extent e-commerce operators should open order history information.

There was a consensus that order history information should be provided as useful data prioritizing the wishes of the information subject themselves. It was pointed out that comprehensive consideration is needed for creating a fair competitive environment among operators, applying reciprocity between industries, and whether the information is sensitive.

Accordingly, the FSC decided to review a plan to open categorized order history information that can be used for credit evaluation while minimizing related concerns. There was concern that if order history information is opened in excessive detail, it might include general personal information with low utility for credit assessment (e.g., shoe size 235mm). On the other hand, it was also pointed out that overly processing information to minimize privacy invasion concerns could reduce its usability for credit evaluation.

For example, a 00 brand lace dress would be categorized as women's clothing, and a △ brand sunscreen as cosmetics, and opening information by such categories is being considered. However, specific plans will be finalized through consultations with not only e-commerce operators but also consumer groups and related government agencies.

The FSC plans to fully explain the potential use and cases of order history information for credit evaluation to related government agencies such as the Personal Information Protection Commission and civil society organizations to resolve controversies over whether order history information qualifies as credit information. Separate consultative bodies will be formed with financial companies participating in the MyData Working Group, major e-commerce operators, and civil society organizations to conduct discussions. Along with the scope of order history information provision, they will also review ways to revise consent forms and improve behavioral regulations. The final consultation results will be documented and included in the 'MyData Operation Guidelines.'

While steadily promoting the establishment of a standard API (Application Programming Interface) that can safely and efficiently transmit data, the FSC also plans to actively promote institutional security measures for MyData to guarantee consumers' information sovereignty and prevent formalistic information provision consent systems.

To this end, separate from the existing third-party information provision consent form, an intuitive and highly readable and visible form for exercising the right to transfer credit information will be prepared. It will encourage the activation of proxy exercise of information-related rights such as correction and deletion requests to serve as a protector of information sovereignty. In this case, MyData operators will be able to exercise proxy rights for correction and deletion requests of personal credit information, requests for interest rate reductions, and responses to profiling.

Additionally, campaigns to raise awareness of personal information protection among information subjects will be conducted in parallel to promote the sound growth of the MyData industry.

Vice Chairman Do emphasized, "Korea's MyData is the world's first and only policy case equipped with the function of a comprehensive credit information management platform. It can manage not only credit information from the entire financial sector but also non-financial credit information such as telecommunication fees and public information on a single platform." He added, "We will promote policies based on three principles: prioritizing consumer information sovereignty as the highest value, enhancing data safety and scalability, and fostering a cooperative ecosystem through strengthened communication with stakeholders."

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