[2022 Asia Financial Forum] "MyData Should Be Expanded to Public, Medical, Telecommunications, and Shopping Sectors"

Park Sung-yong, Vice President of Cucon

Park Sung-yong, Vice President of Cucon, is giving a lecture on Korea's MyData service 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 Kim Hyun-min kimhyun81@

[Asia Economy Reporter Sim Nayoung] "In the future, revenue from automobile data will far exceed revenue from automobile sales."

Seongyong Park, Vice President of Cocoon, presented "MyData Response Strategies Focused on Business Cases" at the Seoul Asia Financial Forum on the 26th, under the theme "MyData for All - Focusing on Overseas Success Cases." Vice President Park emphasized, "MyData is becoming a hot topic in the data economy era," adding, "It is an opportunity for innovative services and companies to emerge."

He explained, "KB Kookmin Bank provides asset comparison analysis and product recommendations based on age, region, and occupation; Kakao Pay allows users to claim insurance payments such as hospital bills based on personal medical records; and BankSalad analyzes spending patterns to understand travel plans and links overseas travel insurance accordingly, all as part of their MyData services. Cocoon is the platform provider that supplies the personal data necessary for financial, big tech, and fintech companies to offer MyData services," he introduced.

Vice President Park described, "Cocoon acts as a channel that collects, connects, and provides data. We receive personal data from banks, card companies, securities firms, insurance companies, and others, create standardized data products, and sell them to over 1,800 MyData operators. Ultimately, our role is to enable consumers to enjoy hyper-personalized MyData services." He added, "Cocoon collects data daily from over 500 institutions in finance, public, and distribution sectors. We also collect data from more than 2,000 financial institutions across 40 countries overseas and provide it to domestic operators."

Vice President Park stated, "Cocoon currently offers data partnership services that allow unlicensed MyData operators to use Cocoon's data," citing examples such as Samsung Card's integrated asset management service and Hanwha Life Insurance's support for year-end tax settlement for individual business owners. He emphasized, "Since the financial data infrastructure for MyData services is already in the final stages of completion, the scope of MyData must be expanded as soon as possible to non-financial data areas such as public, medical, telecommunications, and shopping sectors."