[2022 Asia Financial Forum] Kim So-young "Data, Essential Infrastructure for Innovation... Will Foster as a Core Strategic Industry"

Kim So-Young, Vice Chairman of the Financial Services Commission, "Many Innovative Services That Consumers Can Feel Should Emerge"

[Asia Economy Reporter Yoo Je-hoon] "In a hyper-connected, hyper-converged, and hyper-personalized society, data can be considered an essential facility for innovation."

Kim So-young, Vice Chairman of the Financial Services Commission, stated this on the 26th during her congratulatory speech at the '2022 Seoul Asia Financial Forum,' adding, "The government will actively review the matters discussed at the forum and reflect them in policies to ensure the data industry continues to grow as a core strategic industry."

Vice Chairman Kim said, "Countries such as the European Union (EU) and the United States are promoting various policies to enhance data accessibility and guarantee mobility," and added, "Amid this trend, the world's first financial MyData service using an API method connecting all financial sectors was officially launched in January, and currently, services from 48 providers have been released, with a cumulative 36.9 billion data transmissions, showing strong public interest."

She also noted, "Users receive customized services based on diverse data, creating an opportunity for the popularization of private banking (PB) services, which were previously exclusive to high-net-worth individuals," and evaluated, "Businesses have created innovative service models by utilizing various information according to user requests."

Regarding the challenges of the MyData industry, she said, "For the MyData industry to spread across all industries and further become an international model case, it is essential that many innovative services that consumers can experience emerge, based on personal information protection and security," and expressed hope that "meaningful proposals will be discussed through today's forum to lead Korea in the global data industry."

▶2022 Seoul Asia Financial Forum YouTube Live Broadcast [Korean]

▶2022 Seoul Asia Financial Forum YouTube Live Broadcast [English]

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