MyData Guidelines Published... Covering Information Provision Scope and Precautions

MyData Support Center Also Opens

[Asia Economy Reporter Park Sun-mi] In response to the full-scale operation of personal credit information management services (MyData), a 'MyData Operation Guideline' containing detailed information on the scope of information provision, operational procedures, legal obligations, and precautions has been prepared. A MyData Support Center has also been established within the Korea Credit Information Services to ensure stable MyData operations.

According to the Financial Services Commission on the 22nd, MyData providers are scheduled to collect and utilize personal credit information through a standard API to provide services to consumers starting August 4. The MyData guideline was published to guarantee consumers' information sovereignty and to help participating companies prepare their services smoothly.

The guideline includes detailed information on the scope of information provision, operational procedures, legal obligations, and precautions. ▲ In the banking and financial investment sectors, the scope of information includes deposits and savings (payment amount, interest rate, maturity, etc.), loans (balance, interest rate, maturity, etc.), investment products (deposits, purchased items, transaction unit price and quantity, evaluation amount, etc.); ▲ In the insurance sector, it includes subscribed products (contracts, special contracts, payment details, deductibles, etc.), loans (balance, repayment details, etc.); ▲ In the card industry, monthly usage information (amount, date, total scheduled payment), card loans, points; ▲ In the electronic finance sector, prepaid issuance information (balance, recharge account), transaction details (date, amount), and order information (categorized into 12 categories) are included in the scope of provided information.

Providers must implement the principle of informed consent by using easy-to-understand terms and visualization to protect consumer rights, and allow free consent, refusal, and withdrawal. They must also make service withdrawal easy, and recruitment conditioned on providing excessive economic benefits is prohibited (reflected in supervisory regulations). Compliance with administrative, physical, and technical security measures and functionality suitability review and security vulnerability inspections are mandatory (reflected in supervisory regulations).

The data transmission procedure allows the data subject to specifically select the information provider (e.g., financial company), recipient institution (e.g., MyData platform), and target information, enabling the exercise of transmission request rights to multiple information providers. The transmission is structured to occur in real-time without risks such as information leakage.

Meanwhile, a MyData Support Center will also be operated to ensure stable MyData operations.

The MyData Support Center has been established at the Korea Credit Information Services to collect opinions from participating institutions and resolve difficulties. To facilitate the smooth operation of the MyData industry, the Support Center will manage the entire MyData ecosystem. It will continuously discuss necessary matters for MyData operation with participating institutions, reflect them in the guidelines, introduce explanatory materials related to MyData services through website operation, and support tasks such as management and registration of participating institutions according to transmission methods (API).

A Financial Services Commission official stated, "Since March, through the operation of the MyData Task Force (TF), we plan to support additional discussions on expanding and standardizing the scope of MyData provided information," adding, "We also plan to operate a system development and verification testbed for the safe exercise of data mobility rights."

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