Koscom said on the 29th that it signed a strategic memorandum of understanding (MOU) with data platform company COOCON to create a safe environment for data use in the financial sector.
Through this agreement, the two companies plan to cooperate so that financial companies and Fintech corporations can use personal information safely to provide more convenient services to financial consumers. In particular, starting next month, they will jointly establish a support system to respond to the right to request transmission of one's own information, which will be implemented in the public sector.
The right to request transmission of one's own information allows a data subject to request, directly or through an agent, that their personal information be sent to another institution. Under the Enforcement Decree of the Personal Information Protection Act, it will first be implemented for public system operating institutions starting next month. When information is transmitted through an agent, the information to be transmitted, the method, and security measures must be handled safely in consultation with the public system operating institution.
Under the agreement, the two companies will work together to promote the following: ▲ building a safe environment for the use of personal information by financial companies and Fintech corporations ▲ supporting the construction of API systems for public system operating institutions ▲ creating a data utilization ecosystem through data business cooperation, including pseudonymous information.
COOCON CEO Kim Jong-hyun said, "In line with the trend of advancing public information transmission systems, we will contribute to building a safe data distribution ecosystem through close cooperation with Koscom," adding, "We will support client companies so they can use public sector data stably during the transition without service interruptions."
Koscom Data Business Division Head Kim Do-yeon said, "Based on the know-how accumulated through API services and MyData brokerage, we will work to create conditions for the safe use of personal information in the financial sector," adding, "Through cooperation with COOCON, which has various data demand entities such as financial companies as customers, we will strengthen demand-driven support."