Government to Expand 'MyData' Across All Financial Sectors in Second Half of the Year... Promoting the 'Digital Economy'

Prime Minister Kim Boo-kyum (second from left) is speaking at the 23rd 4th Industrial Revolution Committee meeting held on the 11th at the International Conference Hall of the Korea Chamber of Commerce and Industry in Jung-gu, Seoul. 2021.6.11 [Photo by Yonhap News]

[Sejong=Asia Economy Reporter Son Seon-hee] The government plans to expand My Data across all industries starting with the financial sector in the second half of this year. It is expected that data utilization will become more flexible in various fields including finance, public sector, healthcare, and telecommunications. To this end, efforts will also be made to unify the Personal Information Protection Act and establish legal grounds.

Prime Minister Kim Boo-kyum held a plenary meeting of the 4th Industrial Revolution Committee at the Korea Chamber of Commerce and Industry in Jung-gu, Seoul, this morning, stating, "The comprehensive policy for My Data development aims to activate competition in data services by establishing citizens' data sovereignty and to promote the digital economy through the free flow of data." He added, "It is significant that Korea is leading the world's first and largest scope My Data project." My Data is a concept where data subjects actively manage and control their personal information and utilize it proactively and autonomously in areas such as credit, assets, and health management.

As the co-chairman of the 4th Industrial Revolution Committee, Prime Minister Kim reviewed and approved the agenda on ▲comprehensive plans for My Data development and ▲measures to revitalize data platforms at the plenary meeting, and received reports on the implementation plans from related ministries for both agendas.

The 4th Industrial Revolution Committee reached a consensus that an institutional foundation must be established first for the efficient and orderly national-level promotion of the My Data project. Accordingly, the government plans to submit a revised bill on the Personal Information Protection Act to the Cabinet meeting on the 15th.

Regarding measures to revitalize data platforms, ten key action tasks were presented including ▲linking all platforms through an integrated data map ▲providing customized services according to user levels ▲offering a convenient and consistent optimal user interface (UI/UX) ▲establishing a communication system based on user demands ▲standardizing metadata and expanding standard terminology ▲indicating data sources and adhering to update cycles ▲providing cloud-based analysis and operational environments ▲expanding data and establishing criteria for compensation calculation ▲complying with personal information protection and security ▲developing unique performance management indicators. Additionally, three major challenges were proposed: ▲obtaining the status of a specialized institution for pseudonymized information combination ▲establishing data classification criteria ▲introducing data product project managers (PMs).

Prime Minister Kim said, "Once My Data services officially start in daily life, the public's perception of data utilization is expected to increase dramatically." He added, "The government will actively support through institutional measures so that citizens who know how to use data wisely and companies that provide innovative services can together open a new era of the data economy."

Yoon Sung-ro, who serves as the co-chairman of the 4th Industrial Revolution Committee representing the private sector alongside Prime Minister Kim, said, "My Data and data platform issues have been topics for which the private sector has continuously requested institutional improvements and support." He urged, "Related ministries should actively cooperate to achieve tangible results."

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