"MyData Innovation Acceleration" Ministry of Science and ICT to Launch 10 Billion KRW Scale Contest

[Asia Economy Reporter Eunmo Koo] The government is set to launch a MyData project competition worth a total of 10 billion KRW.

The Ministry of Science and ICT announced on the 18th that it will initiate the "2021 MyData Project Competition" starting from the 19th. MyData refers to the integration and management of scattered personal data centered on the data subject, allowing individuals to directly view and store their data in one place, and utilizing this data to provide personalized services tailored to the individual.

This year, the government plans to focus on demonstration projects in sectors where public perception is high and service scalability is significant, aiming to spread project outcomes and serve as a catalyst for revitalizing the MyData industry. To this end, a total of eight services will be evaluated and selected, focusing on four major sectors?finance, healthcare, daily consumption, and transportation?where high public benefit and substantial industrial ripple effects are expected, considering user benefits, number of users, and service scalability.

Eligibility to apply is open to all public and private institutions, where personal data holding institutions and utilization institutions must form a consortium to participate. Selected projects will receive up to 1 billion KRW in development funding and other support.

Since 2019, the Ministry of Science and ICT has been promoting MyData demonstration projects to discover and support MyData services across various fields such as financial product recommendation services, emergency medical record sharing services, and document and funding platform services for small business owners, aiming to expand across all sectors.

To date, a total of 97 institutions have participated, supporting the development of 17 services by linking data holding institutions such as large hospitals, financial companies, and telecommunications companies with utilization institutions developing innovative services across nine sectors including healthcare, finance, and energy. Last year, for the first time, a demonstration project based on a personal data platform (PDS) was attempted to enable individuals to proactively distribute and utilize data, expanding services into various fields.

Song Kyung-hee, Director of AI-based Policy at the Ministry of Science and ICT, stated, “We will create a virtuous cycle ecosystem for revitalizing the MyData industry through comprehensive support ranging from discovering core MyData services to commercialization support and awareness expansion. We expect that the demonstration projects, which serve as an innovation platform for MyData, will be safely conducted in various fields closely related to citizens’ lives and lead to groundbreaking services, providing an opportunity for the MyData industry to expand and develop across all sectors.”

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