Second Half Launch of MyData... Personalized Product Offerings Begin

[Asia Economy Reporter Kiho Sung] The financial industry is becoming busy ahead of the full-scale launch of the Personal Credit Information Management Service (MyData) starting this August. As individuals' credit information scattered across various financial institutions such as banks, insurance companies, and card companies can now be managed integrally, financial firms are focusing on developing customized products.

On the 1st, the Ministry of Economy and Finance summarized 166 policies from 34 government agencies that will change in the second half of 2021 in a booklet titled "Changes from the Second Half of 2021."

There are a total of 10 laws and systems under the jurisdiction of the Financial Services Commission that will change in the second half of the year. Among them, eight systems changing from July include ▲ lowering the statutory maximum interest rate ▲ easing preferential conditions and expanding benefits for mortgage loans for low-income and actual demand borrowers ▲ gradual expansion of the Debt Service Ratio (DSR) on a borrower basis ▲ reducing housing cost burdens for young people and newlyweds as actual demanders ▲ lowering interest rates for 햇살론17 (Haetsal Loan 17) ▲ implementation of a mistaken remittance return support system ▲ restrictions on excessive economic benefits provided by credit card companies to corporate members ▲ introduction of a regulatory improvement request system for innovative financial businesses.

Among these, MyData is classified as "Implementation of personal information transmission (MyData) through a secure method," with the introduction scheduled for the second half of this year.

MyData operators will provide integrated personal credit information inquiry services through API (Application Programming Interface) methods.

Until now, MyData operators collected credit information by logging into financial company sites on behalf of customers and reading the screens using a "scraping" method to show the information to customers. However, from the second half of the year, based on the data subject's right to request transmission, MyData operators will receive data scattered across financial institutions through a standardized data API.

Through this, it is expected that data access rights and scope will be controllable via connection standards that allow the functions and management data of one application to be accessed and used by other applications.