"Expanding MyData So Everyone Can Enjoy PB Services... Regulatory Improvements"

Kwon Dae-young, Standing Commissioner of the Financial Services Commission, said on the 14th, "It is necessary to further advance innovative financial services such as MyData and support the public's asset formation by making PB services, which were once exclusive to high-net-worth individuals, accessible to everyone through data openness and sharing."

At the on-site briefing titled "Financial Data Policy Directions for Continuous Innovation and Competition Based on Data in the Era of Super-large Artificial Intelligence (AI)" held at Front1 in Mapo-gu, Seoul, Commissioner Kwon stated, "We will continue to innovate the regulatory system so that anyone with creative ideas related to data can start a business and enter the financial sector, while expanding the openness, sharing, and integration of financial and non-financial data."

The briefing, chaired by Commissioner Kwon, was attended by related organizations such as the Financial Supervisory Service, industry representatives from fintech and financial companies, and private experts. Various opinions from authorities and the industry on overall data policies were shared during the meeting.

First, with the recent revision of the Personal Information Protection Act establishing the basis for introducing MyData across all sectors beyond finance, it was decided to open and utilize core non-financial information such as big tech and medical data to enhance usability.

Additionally, to enable MyData service providers to contribute to the public's asset formation, the scope of financial product comparison and recommendation will be significantly expanded to include insurance, funds, and other products. In this regard, an infrastructure for refinancing loans, including mortgage loans, will be promptly established to promote innovation and competition within the financial sector.

Furthermore, to improve efficiency in data integration, the authorities will create a regulatory environment that allows safe reuse of integrated data. Public data held by government agencies such as the National Tax Service and Statistics Korea will also be expanded and opened to enable non-financial specialized and individual business credit rating agencies (CBs) to conduct sophisticated credit evaluations for thin-filers and small business owners. To this end, the authorities plan to improve regulations restricting data utilization across the Credit Information Act and related laws of other ministries.

Moreover, to secure global AI competitiveness, the authorities and industry will form and operate a "Financial AI and Big Data Ecosystem Council" with broad participation from the public, private, industry, and academia sectors. The council will review methods to verify the reliability of AI-utilized financial services to ensure there are no issues of data bias or fairness from the perspective of financial consumer protection.

In particular, the authorities plan to establish and operate a "Financial Data Regulatory Improvement Task Force (TF)" to improve and organize regulations related to financial data, including industry suggestions presented on this day, which form the foundation for financial innovation and competition.

Commissioner Kwon said, "Due to the global tightening trend and the suspension of operations of Silicon Valley Bank in the United States, funding difficulties for new industries and innovative companies worldwide are intensifying," adding, "We will strengthen funding supply and support so that domestic fintech companies can overcome the challenging business environment akin to walking on thin ice, while fostering a sound venture ecosystem."

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