'Digital Economy Alliance' Launched: "Next Government Must Actively Foster MyData and Fintech"

[Asia Economy Reporter Kiho Sung] The 'Digital Economy Confederation (DEC),' comprising seven organizations including the Korea Fintech Industry Association, officially launched on the 11th. At the launch ceremony, they announced a presidential election pledge proposal and called for institutional improvements and government organizational reforms to revitalize the digital economy industry. In particular, in the financial sector, they emphasized maximizing the benefits of MyData services and actively fostering fintech.

The launch ceremony held that morning brought together representative associations from online platform sectors such as shopping, ventures, gaming, portals, fintech, content, and online advertising. The Korea Internet Corporations Association took on the secretariat role, and together with the Korea Online Shopping Association, Korea Fintech Industry Association, Korea Startup Forum, Korea Game Industry Association, Korea Digital Advertising Association, and Korea Venture Business Association, a total of seven organizations seek desirable policy changes necessary for the development of the digital industry.

Through the launch ceremony, they presented a presidential election pledge proposal titled "A Digital Economy that Shares, Coexists, and Empathizes."

Specifically, the proposal focused on ▲restructuring governance in the digital economy sector for the new normal era ▲regulatory innovation and institutional improvements to strengthen the global competitiveness of the Information and Communication Technology (ICT) industry ▲proposals for fostering new industries such as artificial intelligence (AI) and data industries, OTT, metaverse, and digital healthcare ▲training innovative talent and expanding IT jobs suitable for the Fourth Industrial Revolution era ▲creating a 'digital ecosystem' to revitalize domestic venture and startup companies, emphasizing government organizational reforms, new industry promotion plans, regulatory innovation, and institutional improvements.

In particular, under the 'ICT Financial Innovation' section, they emphasized ▲maximizing benefits through citizen-centered MyData services ▲abolishing shadow regulations that hinder fintech innovation ▲preparing fintech industry fostering measures that open the future of finance.

Regarding MyData services, they stated, "Considering that data business is an infrastructure construction project with the nature of a public good, policies should be established so that operators do not bear MyData usage fees," adding, "Reducing MyData usage fees will provide a foundation for many companies to participate as MyData operators and offer diverse and innovative services." They also called for guaranteeing the MyData rights of youth and actively utilizing government joint data.

Regarding fintech industry fostering, they advocated introducing a negative regulation approach that clearly defines only prohibited actions while allowing all other activities. Additionally, they demanded ▲easing review standards for innovative financial services ▲relaxing network separation regulations ▲lowering entry barriers in fintech and financial sectors ▲preemptive legislation to strengthen competitiveness in new business areas ▲providing incentives such as tax benefits for innovative companies ▲improving the regulatory system for sales agency and brokerage of financial products on online platforms ▲introducing open finance to induce unlimited competition in the financial industry.

Park Seong-ho, chairman of the Korea Internet Corporations Association, said in his greeting, "We believed that sincere advice from the industry is necessary for the next government, which will fully take charge of the digital transformation era, so we united our intentions," adding, "Based on a firm philosophy that the digital technological revolution should aim for human happiness and community prosperity, we will do our best to create a warm digital world and a warm digital economy." He also announced plans to hold meetings with future presidential candidates regarding digital economy and industry pledges.