[Financial IT Forum] Yoon Seokheon: "Actively Blocking MyData Security Risks through Strengthened Supervision and Inspection"

'MyData Benefits Belong to Consumers' Emphasized
"Consumer Information Sovereignty Will Be Strengthened"

Yoon Seok-heon, Governor of the Financial Supervisory Service, is delivering a video congratulatory message at the "11th Asia Economy Finance & IT Forum" held on the 25th at the Westin Chosun Hotel in Sogong-dong, Seoul, under the theme "Data Economy and the Future of the MyData Financial Industry." / Photo by Kang Jin-hyung aymsdream@

[Asia Economy Reporter Kim Hyo-jin] Yoon Seok-heon, Governor of the Financial Supervisory Service, announced that starting next year, supervision of the Personal Credit Information Management Business (MyData) will be strengthened to actively prevent risks such as information leakage.

He also emphasized that a system will be established to ensure that the benefits of the MyData industry return to financial consumers through consumer protection and other measures.

Governor Yoon made these remarks in a congratulatory speech at the "11th Asia Economy Finance & IT Forum" held on the 25th at the Westin Chosun Hotel in Sogong-dong, Seoul, under the theme "The Future of the Data Economy and MyData Financial Industry."

MyData refers to a data-based financial service industry that allows consumers to comprehensively understand and manage their credit information scattered across financial companies, such as financial product subscription history and asset details.

Consumers receive services specialized for them, such as information management, asset management, and credit management, from MyData companies. For this reason, it is also called a "financial secretary" or "Pocket Finance." Financial authorities are currently reviewing preliminary license applications from MyData companies.

Governor Yoon pointed out, "Since the MyData industry is based on extensive personal information, the risk of information leakage and misuse is high," and said, "We will strengthen supervision and inspection of operators' information protection and security to actively block potential risks."

He also explained, "Considering that the source of information held by MyData operators belongs to financial consumers, the benefits arising from the introduction of MyData should naturally return to the financial consumers."

Governor Yoon promised, "We will ensure that MyData operators thoroughly establish and operate internal control systems to prevent conflicts of interest, such as prioritizing their own interests over those of financial consumers when recommending financial products."

He further revealed plans to "strictly review licensing requirements such as expertise and business feasibility to preemptively block unqualified companies from entering the market."

Governor Yoon anticipated that the MyData industry will alleviate data monopolies and create an environment of fair competition among companies, enabling the creation of innovative financial services.

In the financial sector, he forecasted that new added value could be created through linkage with existing platforms such as open banking and integration with non-financial data, and fintech companies could provide customized products by leveraging their strengths in data analysis.

Governor Yoon predicted, "Consumers will enjoy expanded choices, such as receiving recommendations for more advantageous financial products through MyData operators," and "the information sovereignty of financial consumers will be strengthened."