In the MyData Era, Korea Housing Finance Corporation Also Announces Its Candidacy

Current Consulting Service Bid Announcement... Contractor Selection Next Month, Strategy Possible Within the Year

[Asia Economy Reporter Park Sun-mi] The Korea Housing Finance Corporation is preparing a strategy to link housing finance data with shared data and integrate it into the financial sector's MyData business through the management and utilization of housing finance data. Currently, a consulting service bid announcement has been made, and the strategy is expected to be prepared as early as this year.

According to the financial sector on the 24th, the Korea Housing Finance Corporation recently announced a bid for a consulting service titled "Establishment of Housing Finance Data Management and Operation Strategy" with a project period of 90 days and a budget of 210 million KRW, and is currently in the process of selecting a contractor. Considering the 40-day bid announcement period and the 90-day project execution period, if the contractor is selected and the contract is finalized around next month, the project strategy can be established within this year at the earliest.

The strategy that the Korea Housing Finance Corporation aims to pursue through the consulting service consists of four main parts: ▲establishing management and utilization strategies for housing finance data ▲establishing public data provision and linkage strategies ▲establishing MyData integration and service strategies ▲planning the construction of data platforms and infrastructure.

Besides identifying the volume of internally accumulated data and exploring utilization methods, the goal includes discovering high value-added housing finance public data and linking it with data outside housing finance to recommend customized financial products to consumers and support asset management. This is why the corporation explicitly included the establishment of a MyData industry-based business model in its data consulting requirements.

The Korea Housing Finance Corporation specifically stated that the contractor should provide advice not only on the analysis of the MyData industry market and environment but also on the corporation’s own MyData industry-based business model. This implies that the corporation’s business area, which has mainly performed securitization of housing mortgage bonds, housing finance credit guarantees, and housing mortgage reverse mortgage guarantee services, could expand into asset management support services through data utilization.

MyData refers to a business that displays scattered personal credit information at a glance and provides services such as recommending customized financial products based on that information. In the financial sector, commercial banks, insurance companies, securities firms, and card companies have mainly entered this field, while participation by financial public enterprises has been limited. The Credit Information Service and the Financial Security Institute have mainly played the role of supporting data linkage by safely combining data and delivering it in an anonymized or pseudonymized form so that the data subjects cannot be identified.

However, as the government is shifting its direction toward allowing the public to proactively utilize public data, which has long been regarded as the property of public institutions, and enabling the industry to use it for creating innovative value, the channels for financial public enterprises to utilize data are expected to expand further. The Ministry of the Interior and Safety has also recently launched the "Public Sector MyData Distribution System Construction Project" to provide personal information held by administrative and public institutions to data subjects in data form and enable safe utilization.