Financial Services Commission Establishes MyData Operation Guidelines Including Provision of Transaction Details

'API Obligation' Period Also Decided to Be Postponed

[Asia Economy Reporter Kim Jin-ho] The Financial Services Commission announced on the 29th that it has established guidelines related to the operation of the Personal Credit Information Management Business (MyData).

First, to balance customer convenience and customer information protection, safety measures will be put in place for transaction details (information recorded such as the names of the sender and receiver and memos). To prevent consumer inconvenience, transaction details will be provided only for the purpose of consumer self-inquiry and analysis services, and use for purposes such as marketing or provision to external parties will be prohibited. In particular, account numbers that can identify specific transaction counterparts will not be provided.

Additionally, MyData operators will build a simplified and visualized consent system that consumers can understand by utilizing various methods such as links tailored to the mobile environment. To protect consumers, guidelines will be provided regarding consent items that must be obtained without omission and matters requiring separate notification.

To provide consumer convenience, a function will also be implemented to collectively inquire about the subscription products and asset lists of up to 50 information providers.

Furthermore, as a measure to strengthen consumer protection due to concerns about excessive competition, prizes will be provided within a range not exceeding the usual level (30,000 KRW).

To ensure safe and convenient MyData services, the mandatory implementation period for APIs (Application Programming Interfaces) will be postponed from the original August 4th to the end of the year to allow sufficient testing periods and authentication methods.

Specifically, MyData operators and information providers are required to complete API construction and testing by November 30th and start customer-facing services through APIs from December 1st. From January 1, 2022, services must be provided only through APIs.

A Financial Services Commission official explained, "We will closely manage the progress of API construction by each information provider to ensure a smooth transition to the API-based MyData industry according to the schedule," and added, "We will continuously monitor and reflect in the guidelines any additional matters that need improvement, such as consumer protection and sound competition order."