[2022 Asia Financial Forum] "Individuals Should Lead Information Utilization... MyData PDS is Desirable" (Summary)

Digi.Me and MyDex Chairpersons' Lecture
Essential Elements for Securing Individual-Centered Trust
Will Bring Innovation to MyData Systems

Julian Ranger, founder and chairman of UK-based Digimi, is delivering a keynote speech via video conference at the 11th 2022 Seoul Asia Financial Forum hosted by Asia Economy on the 26th at The Westin Chosun Hotel in Jung-gu, Seoul. Photo by Hyunmin Kim kimhyun81@

[Asia Economy Reporters Song Hwajeong, Sim Nayoung, Lee Minwoo] "If people understand what MyData services are for, they will willingly share more personal information."

Julian Ranger, chairman and founder of Digi.me, a leading UK company, delivered a keynote speech titled "An Easy Way to Increase and Improve Personal Information" at the Seoul Asia Financial Forum on the 26th, under the theme "MyData for Everyone - Focusing on Overseas Success Cases." Digi.me acts as a 'data platform' that provides pre-consented personal information stored by individuals to companies conducting MyData businesses using personal data. Ranger stated, "Digi.me proposes new value to individuals by utilizing all data across the UK, including medical records, social network records, bank statements, wearable device data, communication records, and driving information."

If Digi.me's individual users plan a trip, they automatically receive suggestions for insurance, hotels, and rental cars, along with travel recommendations based on their bank balances, card payment history, income level, and social network service (SNS) analysis. Ranger cited the healthcare sector as an example, saying, "If healthcare apps that provide treatment and management services for certain diseases request personal medical information, patients will willingly provide data," adding, "When consumers receive personalized healthcare services they want, consent to provide useful personal data naturally follows." Digi.me stores collected personal information encrypted in each user's cloud storage and distributes its IT systems to reduce hacking risks.

"MyData is Innovation, More Information Will Be Shared"

Alan Mitchell, chairman of Mydex UK, stated at the forum, "To fully realize the potential of MyData, a proper design centered on individuals, independent and trustworthy, rather than institutions, is necessary." Mitchell gave a lecture titled "Various Models of MyData, Which Is the Best Choice?"

Mitchell said, "MyData provides consumers with a new dimension of personal-centered services while enabling service providers to secure abundant and stable data, reduce data-related costs, and achieve innovation on a new level." Founded in 2007, Mydex is the world's first personal data repository provider and operates a MyData platform based on data held by the UK government.

Mitchell emphasized that MyData will bring system innovation and that it is essential to approach it with correct principles from the design stage. He explained, "If the design principles of MyData are wrong, expansion will be impossible, and the full potential of personal data will not be realized," adding, "It must be designed centered on individuals, not institutions." He advocated for a method of sharing data through personal data stores (PDS) managed by individuals rather than institution-centered direct data sharing from institution to institution upon individual requests. Currently, Korea's MyData services are institution-centered. Mitchell said, "Data sharing through PDS means institutions individually store data about individuals in encrypted PDS, and individuals can safely use data whenever needed," adding, "Also, individuals can share related data with service providers under their control as necessary."

Paul Jansen, co-founder and head of financial products at Dutch MyData company 'OCTO,' predicted in his keynote at the Seoul Asia Financial Forum, "As MyData activates, an era where more personal information is safely shared and utilized will open."

OCTO is a kind of information-sharing platform. It helps users collect various personal information from public or private sectors. Public data mostly comes from government agencies. It collects and optimizes various data through user login information and then displays it. Users can provide this data to other institutions.

This information includes bank transaction data. After acquiring account information from banks through certified authentication systems, it combines it with other public institution data and personal information to create highly valuable data. By providing this to other institutions and companies, it enables simpler and easier digital services. This aligns with the MyData principle where individuals have control over the use of their various information.

Jansen explained, "We provide information so that any digital service can be used easily," adding, "We offer this service to almost all institutions in the Dutch financial market and plan to expand beyond finance in the future."

"Trust Is Essential for MyData Development"

Trust was cited as an essential factor for sustainable data sharing. Mark Jensen, partner and data trust service leader at PwC Singapore, stated at the Seoul Asia Financial Forum, "Data sharing can open countless economic and social opportunities, and trust is crucial for proper data sharing."

Jensen said, "By 2030, AI's potential contribution to the global economy is expected to reach $15.7 trillion (about 20 quadrillion KRW), and 41% of global CEOs plan to invest in personal data protection," adding, "Data sharing not only provides tangible benefits to sharing parties but also indirectly drives social benefits."

He emphasized that trustworthy data is necessary to realize business outcomes and that data security and personal information protection are important elements in data sharing. Jensen noted, "76% of global consumers consider sharing data with companies a 'necessary evil,'" adding, "As data becomes more important, customers demand more trust and transparency in data handling than before."

Jensen stressed, "We must establish data sharing principles and realize data trust through continuous monitoring and defect management," adding, "Data sharing must be properly conducted through trust frameworks, purpose-appropriate technologies, and support from a broad data ecosystem."

There was also a call for a framework to measure and quantify the value of the overwhelming data. Along with this, a refined and well-functioning data trading market is needed. Mariam Paboudi, professor of finance at the MIT Sloan School of Management, emphasized this in her closing keynote at the Seoul Asia Financial Forum. Paboudi said, "Data has emerged as a core of the modern economy, almost like new oil, but understanding of 'big data economics' is still lagging," adding, "This is because there is a lack of models to accept and interpret it." Although data is pouring in, existing analytical models have limitations in interpreting it, and models to measure and quantify data and its value are still insufficient.

She emphasized that with the advent of the 'big data' era, concerns have grown not only about how much data we can access but also about which data to select. As data's importance grows, differences between companies and industries have become more pronounced. Not all companies gain the same level of benefits through advances in data processing technology, making the 'average trap' more prominent.

She also noted the increasing importance of a market where data can be freely traded. Paboudi explained, "Companies can sell data and use data from other companies," adding, "Companies voluntarily participate in this market, and policies encourage data sharing, which will activate the data market."