4th Data Strategy Committee Holds 'Republic of Korea MyData Policy Conference'

[Asia Economy Reporter Eunmo Koo] The Presidential Committee on the Fourth Industrial Revolution (4th IR Committee) and the Korea Data Industry Promotion Agency (KDIPA) announced on the 25th that they held the "Korea MyData Policy Conference." Earlier, in June this year, the 4th IR Committee jointly prepared and announced the "Comprehensive Policy for MyData Development" with related ministries.

This conference was held to review the progress of MyData implementation, which will be institutionalized and fully launched in the financial and public sectors from the end of this year, and to comprehensively guide key MyData policies promoted by each sector and ministry in an easy-to-understand manner for market participants and data subjects.

In the first session, where policy announcements were made, the 4th IR Committee presented the basic policy directions for efficient and orderly national-level MyData promotion under the theme of "Comprehensive Policy for MyData Development," as well as the role of the 4th IR Committee as the data control tower and future plans. The Personal Information Protection Commission introduced the institutional foundation and governance composition direction for MyData expansion under the theme of "Introduction of Personal Information Transfer Request Rights and MyData Governance," including the promotion of introducing the "Personal Information Transfer Request Right" under the general Personal Information Protection Act and the operation of the "Data Standardization Council."

The Ministry of the Interior and Safety presented the "Public MyData Activation Promotion Plan," discussing the distribution system for "Public MyData" to transfer one's administrative information, the construction of the MyData portal, and plans to provide bundled information services. The Financial Services Commission announced the "Financial MyData Policy Direction," outlining key initiatives and future plans related to API-based MyData, which will be fully implemented from January next year, including the scope of credit information provision and the informed consent system.

The Ministry of Health and Welfare presented the "Introduction Plan for MyData in the Medical Field," proposing plans to establish a medical data collection system, build the My HealthWay platform, and lay the foundation for MyData introduction in the medical sector, covering 12 detailed tasks across four major areas. The Ministry of Science and ICT announced the "MyData Promotion Direction in the Telecommunications Sector," analyzing the current status of data types in both telecommunications and value-added telecommunications sectors, cases of data movement by global platforms, expected effects, and providing implications accordingly.

In the subsequent second session, a discussion on "MyData Policy Evaluation and Implications" was held with related experts. The panelists emphasized the need to maintain consistency in licensing MyData operators across ministries, enhance interoperability, and foster a healthy MyData ecosystem to promote MyData expansion. They reached a consensus that securing consumer trust is paramount for the success of MyData, highlighting the importance of personal information protection and security systems. Additionally, they suggested that continuous government interest and support are necessary for activation, including discovering convergent services and promoting policies considering sector-specific characteristics for diverse MyData services.

Yoon Sung-ro, Chairman of the 4th IR Committee, stated, "Through this MyData Policy Conference, I hope that the public’s interest and understanding of the government’s ongoing MyData policies have been enhanced by providing a comprehensive overview." He added, "For the success of the system, the trust and participation of the people, who are the main actors, are crucial. I ask all participants to strive to maximize the benefits for data subjects, the consumers."