South Korea’s financial regulator Monday urged financial institutions and tech companies to widen access to client information to foster personal credit information management services here, dubbed MyData.

“To maximize customers interest, financial and ICT companies as well as fintech startups need to open up their data assets as much as possible,” said Financial Services Commission Vice Chairman Sohn Byung-doo. 

MyData refers to a business model that offers integrated management of personal credit information such as banking transactions or credit card records and make personalized product recommendations to customers.

Legal frameworks to allow financial institutions to use personal data for commercial purposes set to be implemented on August 5. 

“The introduction of MyData business in August will be a tipping point -- a critical moment that drives up new, unstoppable changes -- in the nation’s data economy as well as finance sector,” he said at a forum. 

“(The FSC) calls for industry players to come up with innovative, data-driven financial services, bringing new benefits to consumers’ financial portfolios, including credit and asset management, spending as well as savings.” 

Others who attended the forum included Korea Credit Information Services President Shin Hyun-joon, Financial Security Institute President Kim Young-gi, Korea Financial Telecommunications and Clearings Institute President Kim Kim Hak-soo, KB Kookmin Bank President Heo In and Naver Financial CEO Choi In-hyuk as well as Fintech startup Viva Republica CEO Lee Seung-gun. 

By Choi Jae-hee (cjh@heraldcorp.com)