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S. Korean govt to allow better use of personal financial data

2018.07.19 15:45:07 | 2018.07.19 15:48:53
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FSC chairman Choi Jong-gu

FSC chairman Choi Jong-gu

Koreans will be able to easily access and manage personal digital data starting next year under the government-led campaign to ready the society in the data-based age.

The Korean Financial Services Commission on Wednesday detailed the so-called “MyData” project to promote the country’s digital financial service industry and revise related credit information laws.

The program that would allow individuals to better access and control in digital financing could generate support apps and new industries.

Each individual will able to easily check their credit information - bank records, credit card use, insurance coverage, wireless phone bills - on their mobile devices or PCs. Industry providers can offer a range of services such as better financing, risk control, or consultancy based on consumer behavioral study.

They can alert their clients if they have spent beyond their means and help better manage their book. They also can work on behalf of their clients to improve their credibility.

The FSC plans to ease entries to the sector to promote various new industries in data-based services.

By Kim Dong-eun and Cho Jeehyun

[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]

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