MyData, 18.4 Million Cumulative Sign-ups in Just Two Months

[Asia Economy Reporter Song Hwajeong] Approximately two months after the launch of MyData, the cumulative number of subscribers has reached 18.4 million (including duplicates).

According to the Financial Services Commission on the 3rd, as of the 21st of last month, a total of 39 operators are providing MyData services. A cumulative total of 12.5 billion data transmissions have been made, and the cumulative number of subscribers is estimated to be 18.4 million.

MyData refers to a service that collects dispersed personal financial transaction and credit information in one place and provides it in an easy-to-understand manner. Since the launch of the MyData industry, the number of data transmissions has increased significantly, playing an important role in promoting innovation in the financial industry and realizing a comprehensive financial platform.

There is an opinion that in order to continuously enhance consumer benefits such as providing customized services through the development of the MyData industry, the scope of information provision should be expanded to various non-financial sectors such as big tech, healthcare, and public sectors, as well as finance.

At a recent "MyData Development Meeting" held by Financial Services Commission Chairman Go Seung-beom with data experts, major MyData operators, and related organizations, such opinions were raised. At this meeting, participants suggested ▲ the need for prompt provision of some unreflected financial sector information and non-financial information such as big tech and healthcare ▲ support for creating an open and fair financial ecosystem in terms of entry, competition, and exit ▲ the need for regulatory sandboxes for customized financial product recommendations based on data analysis ▲ the need to consider additional simplification of service subscription and transmission request procedures on the premise of consumer protection ▲ sufficient guarantee of data deletion and withdrawal of transmission request rights as rights of information subjects and inclusion of digitally vulnerable groups ▲ discussion on strengthening financial security legislation including autonomous security systems of individual financial companies, external financial security capabilities, and training of security personnel ▲ clear regulation of MyData as part of fintech business scope in guidelines related to fintech investment by financial companies to activate fintech investment related to MyData ▲ the need to review the overall existing financial industry regulatory system due to functional and industrial convergence.

Chairman Go stated, "From the perspective of consumer benefits and data reciprocity, the scope of information provided in MyData services should be expanded," adding, "In line with the era of hyper-connectivity and hyper-convergence, I expect innovative convergence services to be created by utilizing various non-financial information in addition to financial sector information, and the government will actively support the creation of such an ecosystem."