[2022 Asia Financial Forum] Yoon Jae-ok "Data Sharing Must Be Expanded Based on Thorough Security"

Yoon Jae-ok, Chairman of the National Assembly's Political Affairs Committee, announced on the 26th that "we will accelerate regulatory improvements, including the Personal Information Protection Act, to advance the data industry, which is the core of the digital economy."

Chairman Yoon said in a congratulatory speech at the ‘2022 Seoul Asia Financial Forum’ hosted by Asia Economy on the morning of the same day, "The Political Affairs Committee is preparing to deliberate amendments to the Personal Information Protection Act that would expand the right to request personal information transfer not only in the financial sector but also across all fields such as public, medical, education, and travel, to promote the development of the MyData business, which is the core of the digital economy."

He explained, "Many aspects have changed as non-face-to-face interactions have spread due to the COVID-19 crisis that has lasted for more than two years," adding, "As digital technology penetrates all industrial sectors, the entire world is rapidly transitioning to a digital economy."

Chairman Yoon emphasized, "The core of the digital economy lies in data, which is called the crude oil of the Fourth Industrial Revolution." He then mentioned the revision of the three data-related laws (Personal Information Protection Act, Credit Information Act, and Information and Communications Network Act) in the National Assembly, saying, "I feel great fulfillment seeing the new innovative business, the ‘MyData business,’ being actively promoted this year."

He added, "However, there are concerns that the current MyData business, which is like a goose that lays golden eggs, could turn out to be a disappointing fruit," and said, "To dispel such concerns, we must establish measures to expand the utilization and sharing of data based on thorough security."

Furthermore, he stressed, "With South Korea equipped with world-class ICT infrastructure, we will actively prepare related legislation and policies with businesses, academia, and the new government to leap forward as a digital leading country."

▶2022 Seoul Asia Financial Forum YouTube Live Broadcast [Korean]