Creaky MyData Operation... Full Implementation Delayed by 5 Days

[Asia Economy Reporter Kiho Sung] During the pilot operation period of the Personal Credit Information Management Service (MyData), delays in response and information leaks reportedly occurred. It is pointed out that the postponement of the full implementation date originally scheduled for this day to the 5th is not unrelated to these situations.

According to the fintech industry on the 1st, some fintech companies experienced issues on the 29th where they did not receive proper standard Application Programming Interface (API) information requested from certain financial institutions.

With the application of MyData, fintech companies must receive dispersed information from financial institutions through standardized data APIs. Although safety is enhanced, high interoperability between the two parties exchanging data is necessary to reduce errors. However, since financial institutions and fintech companies are not in a closely cooperative relationship, neither side has been able to accurately identify the cause of the problem.

MyData is a service that collects scattered personal credit information in one place, analyzes financial status and consumption habits, and helps with asset management and credit management by recommending financial products.

Previously, businesses used a 'screen scraping' method, accessing financial institution sites on behalf of customers and reading the screens. However, after the full implementation of MyData, information dispersed across financial institutions is received through standardized data APIs.

Therefore, fintech companies currently face the task of safely transferring existing asset management services from the scraping structure to the MyData network structure and securing stability.

Within the financial sector, there are criticisms that financial institutions are still inadequately prepared for the MyData business. Various incidents, both large and small, have already occurred during the pilot operation period. On the 28th, Naver Financial, which is transferring Naver Pay's 'My Assets' service to a MyData-based system, experienced a system error that exposed the asset information of 100 members to other users.

A financial sector official said, "Even if financial institutions complete standard API integration, actual operation must be conducted to verify whether the integration works properly," adding, "Depending on each company's capabilities, there appear to be difficulties in complying with regulations and guidelines."