[2022 Asia Financial Forum] "An Era of Safely Sharing Personal Data through MyData Will Come"

Dutch MyData Company 'Okto' CEO Paul Jansen Lecture
"Envying Korea's Standard API Method... Hope for Adoption in Europe"

Paul Jansen, co-founder of Okto and head of financial products, is giving a keynote speech at the 2022 Seoul Asia Financial Forum held on the 26th.

[Asia Economy Reporter Minwoo Lee] With the activation of MyData (personal credit information management services), it is expected that an era will open where more personal information is safely shared and utilized.

Paul Jansen, co-founder of the Dutch MyData company 'Okto' and head of financial products, introduced Okto's services on the 26th at the '11th 2022 Seoul Asia Financial Forum.'

Okto is a kind of information-sharing platform. It helps users collect various personal information from public or private sectors. Public data mostly consists of information held by government agencies. It collects and minimizes various data through the user's login information and then displays it. Users can provide this data to other institutions.

This information includes bank transaction data as well. By securing account information from banks and others through an official authentication system, it combines it with information from other public institutions and personal data to increase its utility. Additionally, by providing various data to other institutions and companies, users can receive digital services more conveniently and easily. This aligns with the purpose of MyData, which is for individuals to have control over the use of their various information. Okto has already partnered with local banks such as ING, Rabobank, ASN Bank, and KNAB.

Jansen explained, "In the Netherlands, when obtaining a mortgage loan, an advisor (loan broker) consults with the customer and connects them to the bank, during which various documents must be submitted and information verified. Using Okto, this process of exchanging information is automated, making it much easier."

Since it deals with data, security is also emphasized. Okto has already obtained ISO27001, the information security certification from the International Organization for Standardization (ISO). It is also supervised by the Dutch Central Bank (DNB). Therefore, it must comply with the European Union's (EU) General Data Protection Regulation (GDPR), as well as adhere to strict requirements regarding customer identification (KYC) policies and various personnel structures.

Okto plans to soon launch the 'OktoID' service, which allows management of information from various financial institutions with just two logins. Jansen said, "While logged into Okto, users will be connected to the respective institution, log in additionally, and then download various information. The received information can be sent to other institutions, and the storage period of the sent information can also be set."

Expansion beyond finance is also being considered. Jansen stated, "We are considering fields where individuals meet and share information, such as dating apps. Using OktoID makes it easier to verify each other's identity, so we see it as a feasible market."

Meanwhile, Jansen expressed admiration for Korea's adoption of a standard application programming interface (API) for MyData. Unlike before, when information displayed on company or institution websites had to be scraped one by one, standardized information can now be exchanged. Jansen said, "Introducing a standard API lowers the entry barrier to creating good solutions. I hope this approach will be adopted in Europe as well."