A study on the progress and future directions for MyData in South Korea

With the full launch of Korea’s MyData service in January 2022, data subjects as individuals have gained the right to data portability, which allows them to access, transfer, delete, and utilize their personal credit information proactively. Data subjects can demand that financial institutions holding their personal credit information transmit the data to MyData operators. Then, the MyData operators can manage the received data efficiently and provide various services to the data subjects by analyzing the relevant data. In this paper, we explain how the financial authority in South Korea progressed the MyData service together with hundreds of financial institutions and MyData operators, including the development of MyData standardized API specifications, guidelines and related systems.