Korea Credit Information Services Hosts Financial Data Conference: "Data Governance Must Be Precise"

At the 1st "Financial Data Conference" held on the 22nd at the Korea Chamber of Commerce and Industry (International Conference Hall), officials from the Korea Credit Information Services are taking a commemorative photo. From the third person on the left in the first row: Lee Chan-woo, Senior Deputy Governor of the Financial Supervisory Service; Kim Kwang-soo, Chairman of the Korea Federation of Banks; Yoon Jae-ok, Chairman of the Political Affairs Committee; Ko Seung-beom, Chairman of the Financial Services Commission; Shin Hyun-joon, President of the Credit Information Services. Photo by Credit Information Services

[Asia Economy Reporter Song Seung-seop] The Korea Credit Information Services (KCIS) held the ‘1st Financial Data Conference 2021’ simultaneously online and offline on the 22nd.

The conference, held at the International Conference Hall of the Korea Chamber of Commerce and Industry in Jung-gu, Seoul, was attended by Yoon Jae-ok, Chairman of the National Assembly’s Political Affairs Committee, Ko Seung-beom, Chairman of the Financial Services Commission, CEOs of financial institutions, heads of related organizations, as well as experts from fintech and big tech sectors.

This conference was organized to share the major achievements of the Financial Data Forum over the past one and a half years. Last May, KCIS launched the Financial Data Forum with 25 experts from academia and industry to enhance big data research and expertise within the financial industry. The theme of the conference was ‘The Future of Our Finance Leading the Era of Connected and Converged Data.’

In his congratulatory remarks, Chairman Ko stated, “The government will actively support the financial sector to lead data utilization across industries,” and added, “We will make every policy effort to ensure the successful establishment of the financial MyData service, which is scheduled to be fully implemented starting next year.”

He continued, “We will promote data combination and utilization across different industries,” and said, “We will rationally improve the system, including standardizing detailed procedures for data combination. We will also consider expanding specialized data combination institutions.”

Additionally, Chairman Ko announced plans to establish technical infrastructure such as AI detailed guidelines and AI data libraries, as well as information protection management and supervision systems.

Yoon, Chairman of the Political Affairs Committee, who gave a joint congratulatory speech, said, “The amendment to the Personal Information Protection Act, reflecting the right to request personal information transfer, is also pending in the National Assembly,” and added, “If the amended law passes, data-driven industrial innovation will accelerate further.” He emphasized, “The National Assembly will also support financial innovation by incorporating opinions presented at the conference into legislation.”

In his opening remarks, Shin Hyun-jun, President of KCIS, said, “With the full launch of the MyData service scheduled for early next year, financial companies, MyData operators, and support organizations are in the final stages of preparation,” and added, “KCIS has also been preparing comprehensive support for the MyData industry, data transmission mediation, and operation of a comprehensive support portal.”

President Shin also advised, “What is most important to ensure the virtuous cycle of the data economy is to use data safely and properly,” and said, “Data governance must be meticulously designed so that the goals of all participants in the data ecosystem, including data subjects and data users, can be harmoniously achieved.”