Korea Fintech Industry Association Holds MyData Seminar... Discusses Strategies for Responding to Data Transfer Requests

"Proactive Response Needed to Legal and Institutional Changes"

The Korea Fintech Industry Association announced on May 28 that it held a seminar on the theme of "MyData and the Right to Request Personal Data Transfer" at the International Finance Office in Yeouido, Seoul.

This seminar was organized by the Personal Information Protection Council under the Korea Fintech Industry Association. It addressed legal issues that electronic financial service providers may face following the implementation of MyData and the introduction of the right to request personal data transfer. As a self-regulatory organization for personal information protection, the association also provided guidance to its member companies on how to complete the self-assessment checklist.

The keynote presentation was delivered by Joo Minseok, an attorney at HwaWoo Law Firm, on the topic of "Implementation of MyData and the Right to Request Personal Data Transfer."

Attorney Joo explained key issues related to the MyData system, which is being promoted mainly in ten major sectors such as healthcare and telecommunications. He covered the legal framework for expanding MyData to all sectors, the recipients, target information, procedures, and methods for exercising the right to request personal data transfer, the requirements and roles for designating specialized personal information management institutions, as well as support for transfer management and operations.

Attorney Joo emphasized, "If a government-level MyData support platform (tentative name) is established, it will enable businesses to check their status and view or withdraw data transfer requests." He stressed that "a proactive and systematic response to the right to request personal data transfer is necessary across the industry."

In the following presentation, Park Jinhyun, a senior researcher at the Korea Internet & Security Agency (KISA), spoke on the topic of "Guidelines for Completing the Self-Assessment Checklist for Voluntary Personal Information Protection Regulation."

Researcher Park introduced inspection criteria for each stage of the personal information lifecycle and standards for checking personal information processing systems.

Researcher Park stated, "If government regulatory activities and voluntary participation by the private sector complement each other, a more balanced personal information protection system can be established."

The Personal Information Protection Council plans to continue operating seminars, consulting, support for completing self-assessment checklists, and networking events among companies in the future.