Anna Jiwon Park has been covering the politics at The Korea Times since the summer of 2024, when she joined the press pool for the Office of the President in Korea. Prior to that, she spent about five years reporting extensively on financial markets, regulatory authorities and the financial industry. She joined The Korea Times in 2019 after spending eight years as a broadcast journalist at Arirang TV, Korea’s leading global broadcaster, covering politics, defense and culture.
MyData business should be extended to big tech and medical sector: FSC Chair
Financial Services Commission (FSC) Chairman Koh Seung-beom is on his way to a cabinet meeting being held at the government complex in central Seoul. Yonhap
By Anna J. Park
By Anna J. Park
The country's “MyData” industry needs to be extended to include big tech as well as medical sector data, growing beyond businesses' main preoccupation with the financial sector, Financial Services Commission (FSC) Chairman Koh Seung-beom said Thursday.
MyData is one of the government's flagship financial business initiatives, which aims to enable customers to browse their own personal financial information gathered from various financial firms and made available all in one place. Currently more than 18 million people have signed up for MyData services through multiple financial firms.
Koh's comment was made on Thursday when the FSC head held a meeting with data experts to discuss the development direction and goals of the MyData industry.
“It is necessary to consistently widen the scope of information provided through MyData services. And customers should be at the center of such expansion of services,” Koh said during the meeting.
“Aiming to keep pace with the fast changes of a hyper-connected society, MyData businesses' services should be extended to non-financial areas, including big tech and the medical sector. Through providing the information to diverse sectors, we hope to see the creation of innovative fusion services.”
The FSC head also called for MyData service providers to operate thorough security and privacy protection systems to earn customer trust.