[2022 Asia Financial Forum] "MyData Must Be Designed Around the Individual"

Allen Mitchell, Chairman of Mydex UK

Allen Mitchell, founder and chairman of Mydex in the UK, is giving a lecture via video 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 Reporter Song Hwajeong] "To fully realize the potential of MyData, a proper design centered on individuals, independent and trustworthy, rather than institutions, is necessary."

Allen Mitchell, Chairman of Mydex UK, stated this at the Seoul Asia Financial Forum held on the 26th. Chairman Mitchell gave a lecture on the theme "Various Models of MyData, Which Is the Best Choice?"

Mitchell said, "MyData provides consumers with a new dimension of personalized services, while enabling service providers to secure abundant and stable data, reduce data-related costs, and achieve a new level of innovation."

Founded in 2007, Mydex is the world's first personal data store 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 the right 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 expressed the opinion that it is desirable to share data through a personal data store (PDS) managed by individuals, rather than institution-centered data sharing directly from institution to institution upon individual requests. Mitchell said, "Data sharing through PDS means that institutions individually store data about individuals in encrypted PDSs, and individuals can safely use the data whenever needed," and "Also, individuals can share related data with service providers under their control as necessary."

Regarding the direction of MyData in Korea, Mitchell said, "Korea's MyData is still in the early stages, and the next step should be to shift from the current organization-centered approach to an individual-centered one," emphasizing, "If an individual-centered infrastructure is not established, there may be various limitations to the development of MyData."

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