Charging MyData Operators Starting This Year... Year-End Standards Established

"Consideration of Billing Standards, Financial Burden on Small and Medium-sized Businesses, Economic and Business Conditions"

[Asia Economy Reporter Yu Je-hoon] From this year, charges will be imposed on MyData operators. The financial authorities plan to establish specific charging criteria after December and retrospectively calculate the charges to be imposed next year.

The Financial Services Commission announced on the 10th, "As scheduled, from 2023, we will implement charges on MyData operators considering the volume of data transmission requests." MyData refers to a business that collects customer information dispersed across various financial companies to provide customized financial services.

Previously, the authorities conducted a cost analysis including system construction and operation costs for about 5,800 institutions providing MyData information. As a result, the system construction cost for data transmission by information providers was 37.2 billion KRW annually, and the operation cost was 92.1 billion KRW annually, totaling approximately 129.3 billion KRW. Furthermore, a significant correlation was confirmed between the costs surveyed per institution and the volume of data transmission, leading to the conclusion that a charging system considering data transmission volume is necessary.

However, it was also analyzed that additional cost data needs to be secured to establish more accurate and detailed charging criteria. In the case of Open Banking, investigations were conducted based on data over two years, and card merchant fees were based on data over three to five years, but MyData, implemented in January last year, was analyzed based only on nine months (January to September 2022) of data.

The Financial Services Commission stated, "Looking at other public sector fee calculation cases, fee systems were introduced and adjusted after several years of review, gradually becoming more sophisticated. Considering that the scope of information provision will expand until the first half of this year, the cost per data transmission unit, which is the basis for charging, is likely to change compared to previous analyses."

Accordingly, the Financial Services Commission plans to establish specific charging criteria after December through additional analysis and verification of data transmission costs this year, discussions in a working group involving information providers, operators, and related experts. Also, the Commission will retrospectively calculate the charges for this year based on the newly established charging criteria and impose them during the 2024 charge settlement.

The Financial Services Commission said, "The specific charging criteria will comprehensively consider the financial burden on small and medium-sized operators, economic and business conditions," and added, "From next year onwards, we will periodically re-verify costs and adjust the charging system considering the maturity of the MyData industry."