FSC Chmn. Choi Jong-ku addresses the hearing on the revision of the laws on information including the Credit Information Law held at the National Assembly on Feb. 13. (Photos: FSC)

Chairman Choi Jong-ku of Financial Services Commission (FSC).

Chairman Choi Jong-ku of Financial Services Commission (FSC) called for amendments to a number of financial laws, including the Credit Information Law, the Individual Information Protection Law and the Information Communication Law. He said now is the last chance for Korea to participate in the competition around the world surrounding the Data Economy.

“It’s now or never.” said the FSC chairman before the hearing on Feb. 13 for the Credit Information Law for the financial reform based on data base held at the National Assembly.

The law is up for reform to prepare for the clear legal base for the Big Data analysis in order to vitalize the ‘MyData’ Industry designed to create new added value from the collection of individual information.

Financial sources asked for the law so revised to allow the financial firms to participate in the MyData Industry at the hearing presided over by Rep. Kim Buyung-wook, a member of the Democratic Party of Korea.

In his congratulatory speech at the hearing, the FSC chairman said the extensive use of data has been speeding up the move toward the creation of Data Economy and many countries are on the way to ease the regulations on the use of data with EU and Japan on the verge of making themselves the safest places for individual information the General Data Protection Regulation as the catalyst.

He also said he thinks the Data Economy can take care of the tight job market to a degree, citing that the MyData Industry in the U.S. had some 13,000 employees in 2017.

At the hearing, Managing Director Han Dong-hwan of KB Financial Holdings called for the formation of consultative body made of the government, financial firms, and fintech when the detailed plan is made for the setup of the MyData Industry. More directly, he called for measures to allow the financial and fintech firms to join the MyData Industry as they are needed to solve the discomfort on the part of the consumers on the data protection and at the same time to deepen the need for the industry’s services.

He also said large financial firms have been preparing to digitalize their operations, which is a chance for further competition in the financial industry and for reforms.

Rep. Kim introduced the draft for the reform of the Credit Information Law in November, last year, saying that the data based reform is possible in the financial sector and he will try to speed up the passage of the draft following the debate at the parliament.
Commencing his public service career in 1982, Mr. Choi accumulated decades of extensive experiences by holding various positions including Deputy Minister for International Affairs at the Ministry of Strategy and Finance (MOSF) and First Senior Deputy Governor of the Financial Supervisory Service (FSS). Also, Mr. Choi served as President & CEO of the Seoul Guarantee Insurance (SGI) from January 2016 to February 2017.

Prior to his appointment as FSC Chairman, he was Chairman & President of the Export-Import Bank of Korea (KEXIM) from March 2017 to July 2017.

During and aftermath of the 2008 financial crisis, as Director General for International Finance Bureau, Mr. Choi contributed to stabilizing financial and FX markets in Korea. While he was Deputy Minister for International Affairs at the MOSF from 2011 through 2012 when the global economy was facing the eurozone fiscal crisis, he committed himself to keeping the turbulence at bay to maintain the Korean market stable.

He also played a role in effectively coordinating international cooperation amid the crisis, working closely with the partner countries notably the Group of Twenty (G20) and the ASEAN Plus Three (ASEAN+3), a cooperative platform designed for ensuring financial stability and economic integration in the region.

Born in 1957, Mr. Choi obtained a bachelor's degree in International Trade from Korea University in 1980 and a master's degree in Public Administration and Policy from University of Wisconsin-Madison in 1992.