"MyData, a solution to challenges in the 4th Industrial Revolution era... Expectations for the Data Framework Act"

Interview with Yoon Sung-ro, Chairman of the 4th Industrial Revolution Committee
Financial Sector MyData Project to Launch in December
Banks, Securities, Fintech, IT, and Telecom Enter the Field

Some Express Concerns Over Personal Data Leakage
Calls for Stakeholder Discussions on API
Reflecting on 4 Years Leading and Laying the Foundation for the Data Act

On the 29th, Yoon Sung-ro, Chairman of the 4th Industrial Revolution Committee, met with Asia Economy in his office at the College of Engineering, Seoul National University, and said, "MyData means that 'individuals have the right to decide their own information and actively use it.'"

[Asia Economy Reporter Minyoung Cha] Yoon Seong-ro, Chairman of the 4th Industrial Revolution Committee, stated, "In the era of the 4th Industrial Revolution, the utilization of data and the protection of personal information inevitably conflict, but MyData (personal credit information management business) is a clever solution that can resolve this within the framework of the law."

On the 29th, Chairman Yoon met with Asia Economy at his office in the College of Engineering at Seoul National University and said, "MyData means that 'individuals have the right to decide their own information and actively use it.'

The MyData business in the financial sector, which will lead the era of 'hyper-personalized asset management,' will be fully implemented starting December 1. It is expected that around 100 companies, from traditional financial institutions such as banks, securities, insurance, and fintech companies to heterogeneous businesses like telecommunications and IT companies, will enter the market by the end of the year. The 'Data Basic Act,' which will serve as the cornerstone of the data industry era, recently passed the National Assembly plenary session.

Some have expressed concerns about personal information leakage. However, he said, "I understand the concerns of civic groups about personal information leakage in the MyData business, but these can be supplemented by penalties for violations and information protection measures," adding, "It is problematic not to utilize it just because it is scary." As an example, he mentioned that the Personal Information Protection Act takes precedence over the Data Basic Act regarding personal information protection issues.

Even in the financial sector, where the MyData business is spreading most rapidly, there is ongoing debate over the establishment of guidelines. A representative issue is the restriction on service use by adolescents. The current Financial Services Commission's MyData guidelines stipulate that adolescents aged 14 and over cannot request transmission to MyData businesses that are for-profit entities. Chairman Yoon diagnosed, "The government seems cautious because it is a sensitive issue related to adolescents," but added, "There seems to be disagreement because adolescents have an open perspective on new financial services, and companies want to secure future potential customers."

Technical issues such as Application Programming Interfaces (APIs), which act as a kind of 'gate' for exchanging information, involve conflicts of interest and require further discussion. Chairman Yoon argued, "The core issue is how far, in what form, and how much to open the 'gate of information,'" and added, "Rather than one side deciding unilaterally, it should be resolved through a task force (TF) composed of stakeholders."

He emphasized, "With the passage of the Data Basic Act, numerous business opportunities from data processing, evaluation, to trading will open up," and said, "If the Data 3 Laws opened the discussion on the data industry, the establishment of the Data Basic Act marks the foundation for the full-scale fostering and promotion of the industry." As follow-up measures, he cited discussions on data value assessment, activation of trading, quality management, and dispute resolution, emphasizing that these should be appropriately conducted with expert opinions.

Having drawn a blueprint for the data industry alongside artificial intelligence (AI) over the past four years, Chairman Yoon also feels a special sentiment about the passage of the law to foster the data industry. He said, "It seems meaningful that the Data 3 Laws, which began discussions at the 4th Industrial Revolution Committee, have borne fruit," and added, "Since the 4th Industrial Revolution Committee is a temporary committee, it seems necessary to find ways to maintain an organization that can address sharp issues related to data or AI for a longer period in the future."