The Personal Information Protection Commission (PIPC) of Korea convened a MyData Service Enterprise Meeting on April 3, 2024, in Seoul, with participation from 17 companies and associations. The session aimed to discuss expanding MyData integration, focusing on consumer-driven data use across financial and non-financial sectors. The meeting included stakeholders from banking, credit, fintech, and the Korea Internet & Security Agency. The primary goal was to explore ways to broaden data fusion and service offerings based on individual consumer consent and control.
The revised Personal Information Protection Act Enforcement Decree, effective February 19, 2026, extends the right to request personal data transmission to all sectors, including healthcare, telecommunications, and energy. This change allows consumers to download and utilize their data securely, using specialized data management agencies. Participating companies highlighted the need for support in proxy transmission, the role of data management institutions, and operational assistance. The expansion addresses previous limitations where MyData services were restricted to finance, enabling new business models and enhanced consumer services.
To facilitate this transition, the PIPC launched a 1.7 billion KRW public project to identify innovative MyData use cases, including cross-sector data fusion and profit-sharing models. The project covers four areas: discovering MyData services in healthcare, telecommunications, and energy; cross-sector financial integration; integrated personal data management support; and strengthening public website data security. The Commission plans to distribute a draft guideline in April 2024 and collect feedback, ensuring stakeholders are well-prepared for the new system. Ongoing support will be provided to help companies and consumers adapt to regulatory changes.
Frequently asked questions include: How will consumers benefit from expanded MyData integration? Consumers can securely manage and utilize their personal data across various sectors, enabling personalized services and financial recommendations. What are the expected impacts on local economies and policy? The integration allows for advanced analysis of consumption patterns, supports regional economic revitalization, and informs targeted policy measures for youth, elderly, and vulnerable groups. The PIPC will continue to support stakeholders with guidance and resources as the policy evolves.
Metaqsol opinion: Korea’s policy to expand MyData integration is a forward-looking move that empowers consumers and service providers alike. The revised regulation addresses previous sectoral limitations and introduces mechanisms for secure data management and profit-sharing. By supporting innovative use cases and providing ongoing guidance, the Personal Information Protection Commission ensures a smooth transition for stakeholders. This initiative is expected to drive economic and policy advancements, particularly through enhanced data analysis and personalized services.