[Financial IT Forum] Director Shin Hyun-jun: "MyData Innovation Players Emerging to Drive the Economy"

Shin Hyun-jun, President of the Credit Information Service, Keynote Speech
"MyData, an Important Virtuous Cycle Data Ecosystem for Entering the Data Economy"
Presented Tasks Including Unbiased Data Acquisition and Establishing a Comprehensive Data Governance Operating System

Shin Hyun-jun, President of the Korea Credit Information Services, is delivering the keynote speech at the "11th Asia Economy Financial IT Forum" held on the 25th at the Westin Chosun Hotel in Jung-gu, Seoul. Photo by Kang Jin-hyung aymsdream@

[Asia Economy Reporter Park Sun-mi] On the 25th, Shin Hyun-joon, President of the Korea Credit Information Services, delivered a keynote speech at the 11th Asia Economy Financial IT Forum on the theme of "Data Economy, MyData, and the Future of the Financial Industry," stating that the MyData industry will play a very important role in entering the data economy.

President Shin said, "The MyData industry is a very important virtuous cycle data ecosystem for a successful entry into the data economy," adding, "Through the MyData industry, new innovative players that surpass existing businesses will emerge to drive the economy and industry, which is the future of our finance."

He explained that since the Credit Information Act was enforced last August, the first preliminary license applications for MyData businesses have been received, and currently, examinations are underway for 35 companies. He forecasted, "After business licenses are granted, the right to request the transmission of personal credit information will be implemented from February next year, marking the start of MyData businesses. From August next year, when data transmission via the standard API method is executed, large-scale data distribution will be in full swing."

He continued by introducing that through the MyData industry, information subjects, i.e., financial consumers, will be able to integrate and manage financial accounts and optimize asset management for a rational financial life. However, from the perspective of businesses wishing to participate, there is deep concern about what new services will create value.

He also explained the goals of the major MyData players such as financial companies, fintech, and big tech currently promoting MyData businesses. Players currently engaged in the financial industry aim to provide integrated asset management services to financial consumers through MyData businesses and to induce additional financial demand as customers use these services.

Furthermore, fintech players are analyzed to be seeking an industrial position as "innovative financial service providers" rather than pursuing becoming financial companies. Big tech is moving to enter the financial industry through the MyData industry, but from a broader perspective, they are pursuing the establishment of a comprehensive data platform linking the vast information they currently hold about information subjects with financial information.

President Shin presented the following as tasks to be tackled together for the future of the MyData industry: ▲ securing unbiased data ▲ establishing a comprehensive data governance operating system ▲ promotion through data collaborators and utilization of shared infrastructure ▲ linkage and cooperation with other industries.