[Financial IT Forum] Lee Hyung-joo, Head of Financial Innovation Division, "MyData to Accelerate Personal Financial Comprehensive Management Service"

Asia Economy Financial IT Forum Presentation on 'Data Economy and Financial Industry'

Lee Hyung-joo, Head of the Financial Innovation Planning Division at the Financial Services Commission, is giving a presentation on the topic "MyData Industry Policy Direction: Industry Development and Information Protection" at the 11th Asia Economy Financial IT Forum held on the 25th at the Westin Chosun Hotel in Jung-gu, Seoul. Photo by Kang Jin-hyung aymsdream@

[Asia Economy Reporter Oh Hyung-gil] Lee Hyung-joo, head of the Financial Innovation Planning Group at the Financial Services Commission, predicted that the introduction of MyData would solidify 'customer-oriented financial services,' enabling comprehensive personal financial management services.

On the 25th, at the '11th Asia Economy Financial IT Forum' held at the Westin Chosun Hotel in Sogong-dong, Seoul, Lee delivered a keynote speech on the theme of 'Data Economy and Financial Industry,' stating, "The subject of data innovation is the information subject, and the goal of data innovation is to enhance the benefits for financial consumers."

He said, "In the MyData era, information sovereignty will return to individuals, and the information monopoly of large financial companies can be resolved," adding, "Financial companies will compete based on 'service quality' rather than vested interests."

He also explained, "We plan to complete the MyData licensing by January next year," and "When selecting MyData operators, we will actively evaluate their contribution to industry revitalization and sufficiently prepare institutional measures to strengthen personal information protection."

Lee emphasized, "Regarding big tech's entry into finance, comprehensive considerations such as fair competition, personal information protection, and consumer protection are necessary in addition to traditional financial regulations," adding, "We will pursue policy directions to create a fair competitive order from the perspective of consumer protection and benefits."

He continued, "Big tech may cause a surge in internal clearing, which is difficult to manage with traditional payment infrastructure," stressing, "We will mandate external clearing to prevent the internalization of user funds like prepaid charges and to prevent money laundering risks."

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