[Asia Exclusive] "MyData Taking First Steps, Must Form Council to Continue Developing"

Interview with Lee Hyemin, CEO of Pinda

Lee Hyemin, CEO of Pinda, is being interviewed by Asia Economy. Photo by Moon Honam munonam@

Lee Hyemin, CEO of Finda, emphasized the necessity of forming a MyData council. Lee stated, "MyData is a newly introduced license type, and I believe the Electronic Financial Transactions Act (EFT Act) will also be amended in the future," adding, "Launching it is difficult, but what comes after the launch is even more important."

Finda, a MyData service provider, collects and manages individuals' loan information scattered across various financial institutions by utilizing MyData. Lee explained, "More than 60% of recent related inquiries are about inaccuracies in my information," and added, "We are not receiving financial information as accurately as companies need within the desired scope." She pointed out that more companies should be able to use MyData, and the government should not just create it once and stop but continuously improve errors and application cases.

She mentioned the necessity of a council, saying, "It should not just shine briefly at launch and then fade away; the information providers, users, and regulators?at least these three parties?must take responsibility and advance the system." She stressed that the MyData business should not proceed in a survival-of-the-fittest manner but rather gather successful regulatory cases and necessary issues to create good examples.

Lee also expressed regret regarding innovative financial services. She believes that the review speed for innovative financial services has significantly slowed recently. The procedures, including regulatory reviews and responses, have become slower than before. She said, "At some point, the standards became unclear, and it seems the structure has made it difficult to receive transparent feedback," emphasizing, "It would be great if the new government could prepare many measures to revitalize innovative financial services and regulatory sandboxes."

Lee added, "Korea is the only country that aims to foster the data industry through standardized Application Programming Interfaces (APIs) set by the government, serving as a global model," and concluded, "I hope there will be efforts to develop it well and improve and advance the areas that are lacking."