[Financial IT Forum] Director Kim Young-gi: "MyData Requires Consumer Welfare and Trust Assurance"

Kim Young-ki, President of the Financial Security Institute, is delivering a greeting 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 Kangwook Cho] Kim Young-gi, President of the Financial Security Institute, stated, "The MyData industry is a groundbreaking change that will transform the horizon of our financial industry," adding, "The most important premise is increasing consumer welfare and securing trust."

At the '11th Asia Economy Financial IT Forum' held on the 25th at the Western Chosun Hotel in Seoul, hosted by Asia Economy and the Financial Security Forum, President Kim said, "The function of finance, which was limited to fund intermediation, has evolved into providing differentiated, consumer-tailored services based on data."

He explained that the activation of the MyData industry should lead to an improvement in the quality of consumers' financial lives through customized financial services and be linked to various businesses, resulting in value creation for the entire financial industry. He also pointed out that flawless preparation on the security front is a prerequisite to ensure that consumers' information sovereignty is firmly guaranteed.

According to the global market research firm IDC, the domestic data market is expected to grow at an average annual rate of 10.9% until 2022, reaching approximately 2.3 trillion KRW in scale. In this regard, he defined, "The emergence of a data-driven economy accelerated by big data and cloud computing technologies is a revolutionary change that determines national competitiveness."

President Kim emphasized, "Since companies with data competitiveness will inevitably survive, a fierce showdown between financial and non-financial companies is also anticipated," adding, "As the dedicated financial security agency and data infrastructure institution, the Financial Security Institute will do its utmost to ensure that MyData can properly function as a data channel for the financial industry by focusing on data distribution and protection."