Secutech Wins Hyundai Motor Securities 'MyData System' Construction Project

[Asia Economy Reporter Lim Jeong-su] Secuzen, a security technology specialist company of the ITCEN Group, announced on the 8th that it has signed a supply contract worth approximately 2.2 billion KRW with LG Hitachi Co., Ltd. for the Hyundai Motor Securities MyData construction project.

'MyData' is a service that collects an individual's credit information scattered across financial companies and public institutions in one place and provides it so that financial consumers can view it at a glance. Companies can utilize this to recommend and develop various financial products such as savings/deposits, insurance, loan products, and asset management tailored to customers' preferences.

According to the Ministry of Science and ICT, the domestic data industry market size was about 19 trillion KRW in 2020, and it is expected to grow to 30 trillion KRW by 2023 due to the opening of the MyData market. Related industries estimate the MyData market size to be around 20 trillion KRW.

Secuzen will be responsible for various development tasks to build the Hyundai Motor Securities MyData system. From API integration such as incoming data processing and TR linkage development, it plans to develop and supply MyData platform analysis, reports, and recommendation services through product diagnosis. Additionally, it will develop integrated data management tools for data collected through the platform.

Park Won-kyu, CEO of Secuzen, said, "Following the Open API system construction project for MyData preparation with Shinhan Life, winning the Hyundai Motor Securities project will be an opportunity to secure leadership in the MyData market," adding, "We will successfully complete the contracted projects and target the digital finance market."