Koscom Signs Strategic MOU with COOCON to Establish a Secure Data Utilization Environment

Koscom has signed a strategic business agreement (MOU) with COOCON to establish a secure data utilization environment for the financial sector.

According to Koscom on July 29, the purpose of this agreement is to support financial institutions, fintech companies, and others in providing safer and more convenient services to financial consumers by utilizing personal information, in response to the implementation of the Right to Data Portability system mandated by the revised Enforcement Decree of the Personal Information Protection Act.

The Right to Data Portability will be implemented first in the public sector starting next month, granting data subjects or their representatives the right to request public system operating agencies to transfer their personal information.

In particular, when a representative makes a transfer request, the scope of information to be transferred, transfer methods, and security measures must be discussed with the public system operating agency to ensure a secure transfer process.

The two companies plan to cooperate on: establishing a secure environment for personal information utilization among financial institutions and fintech companies; building API systems for public system operating agencies; and fostering a safe data utilization ecosystem through partnerships in data businesses, including pseudonymized data.

Jonghyun Kim, CEO of COOCON, stated, "As the public information transfer framework becomes more advanced, we will contribute to the creation of a secure data distribution ecosystem through close collaboration with Koscom." He added, "We will ensure that our clients can use public sector data stably during the transition process without service interruption."

Doyeon Kim, Head of Data Business at Koscom, said, "Based on the know-how accumulated through our API services and MyData intermediary work, we will work to establish a secure environment for personal information usage in the financial sector." He also added, "Through our collaboration with COOCON, which has various financial institutions and data consumers as clients, we will strengthen demand-driven support."

This content was produced with the assistance of AI translation services.