On the 21st, Kim Ju-hyun, Chairman of the Financial Services Commission, delivered a congratulatory speech at the Financial Data Conference 2022 held at the Korea Chamber of Commerce and Industry International Conference Hall, themed "The Financial Paradigm Shift Led by AI Big Data" hosted by the Credit Information Service.
[Asia Economy Reporter Eunju Lee] Kim Joo-hyun, Chairman of the Financial Services Commission, stated that “the successful implementation of digital financial innovation, a national agenda in the financial sector, depends on effective data utilization,” and mentioned that the scope of information provided by the MyData service will be continuously expanded.
On the 21st, Kim Joo-hyun made these remarks in a congratulatory speech at the ‘Financial Data Conference 2022’ held at the Korea Chamber of Commerce and Industry International Conference Hall, themed ‘The Paradigm Shift in Finance Led by AI Big Data’ hosted by the Credit Information Service.
The event was attended by more than 300 participants both on-site and online, including Baek Hye-ryun, Chairperson of the National Assembly’s Political Affairs Committee; Kim Joo-hyun, Chairman of the Financial Services Commission; Lee Myung-soon, Senior Deputy Governor of the Financial Supervisory Service; representatives from all financial sectors such as banking, securities, and insurance; fintech and big tech companies; financial innovation catalyst organizations; members of the Financial Data Forum; as well as academics, industry officials, and experts.
In his congratulatory speech, Kim Joo-hyun said, “We will develop MyData into a genuine ‘financial secretary in your hand.’ To this end, we will continuously expand the scope of information provided by MyData so that participating businesses can offer hyper-personalized services beyond simple integrated inquiry services.” He added, “We will also build a financial AI data library and AI testbed, improve corporate finance data infrastructure, and continuously improve related systems in step with the rapidly evolving data ecosystem.”
Shin Hyun-joon, President of the Credit Information Service, stated in his opening remarks, “Using data more valuably and creating innovative added value is an essential strategy for the sustainable development of our economy and a wise choice for the financial industry to leap to the next stage. The Credit Information Service will be a shadow-like partner in the AI and big data-based digital innovation of the financial industry as a core data platform.”
Baek Hye-ryun, Chairperson of the National Assembly’s Political Affairs Committee, said, “Artificial intelligence has become a key factor driving innovative growth and competitiveness across the nation and industries. However, as AI’s impact on our lives broadens, side effects such as discrimination caused by algorithms may also arise, so this must be discussed from multiple perspectives. The National Assembly will also carefully consider the valuable insights presented at the conference in the legislative process.”
The conference shared the research achievements of the Financial Data Forum, which has established itself as a mecca for financial big data discussions, examined the current state of our finance in the data economy era, and envisioned the future together.
The keynote lectures were divided into three sessions with a total of nine expert presentations. The Data Business session introduced MyData service strategies of fintech (Finda) and financial companies (Shinhan Financial Group, Hana Financial Group) based on Finda’s business case, sharing MyData cases and future prospects, Shinhan Financial Group’s MyData cases and outlook, and Hana Financial Group’s data-driven business innovation cases, sharing business strategies utilizing data.
The Data Technology & Analysis session explained factors financial companies should consider when utilizing data, focusing on data utilization and digital transformation in the financial industry, BC Card’s big data analysis cases, and the current status and future prospects of AI technology applied in the financial industry. The Data Policy & System session introduced trends in AI-related legislation and its impact on the financial and data industries, as well as Naver Financial’s MyData challenges (focusing on data-related regulatory trends), presenting AI and data-related legislative trends and relevant precedents.
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