Financial Services Commission Delays Mandatory API Implementation Period for MyData

[Asia Economy Reporter Kwangho Lee] The Financial Services Commission (FSC) has decided to postpone the mandatory deadline for APIs (Application Programming Interfaces) ahead of the launch of the MyData (personal credit information management) business in August. This decision was made based on the judgment that sufficient testing is necessary to protect consumers.

On the 8th, the FSC announced that it held a "Financial MyData Expert Advisory Meeting" the previous day with experts, relevant government departments, and representatives from financial sector associations to discuss this plan.

The participants agreed to consider postponing the mandatory API deadline to allow for sufficient preliminary testing.

Specifically, they plan to conduct thorough integration tests based on sampled real data between MyData operators and information providers to minimize consumer inconvenience such as transmission errors. Whether to grant differentiated postponements or a uniform postponement considering fairness among industries will be guided during the revision of the guidelines.

This measure reflects the requests of MyData operators and information providers. From August 4, MyData operators must stop scraping consumer information and mandatorily use the API system when collecting consumer data. However, due to a surge in IT development demand causing a shortage of developers and efforts to provide various integrated authentication methods for consumer convenience, MyData operators and information providers have requested a postponement of the mandatory API deadline.

The FSC will also provide necessary information within the scope that does not violate relevant laws, while establishing safeguards to protect third-party information and sensitive data.

As part of this, consumers will be separately notified of risks and asked for separate consent when information is provided, and use beyond the consumer’s own inquiry purpose will be prohibited. At the same time, account numbers that can specifically identify transaction counterparts will not be provided.

API provision standards will also be established. Considering consumer convenience, the standards will be set so that, in principle, as much information as possible is provided except for items excluded by law such as processed information.

An FSC official said, "We plan to revise the financial MyData operation guidelines within this month," adding, "We will promptly finalize a detailed postponement schedule considering the mandatory implementation of financial MyData APIs and the progress of system construction by each information provider."

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