The FSC held a meeting with relevant authorities, private sector experts, big tech and fintech companies, and financial institutions on March 14 on the topic of the government's policy direction on financial data to promote innovation and competition in a hyperscale AI era, chaired by FSC Standing Commissioner Kwon Dae-young. At the meeting, participants held discussions on a variety of issues including (a) opening up essential non-financial data to expand the utility of MyData services, (b) expanding the scope of financial products comparison and recommendation services, (c) allowing re-utilization of converged data, (d) opening up public data on sole proprietors, and (e) building a credible AI user environment. At the meeting, FSC Standing Commissioner Kwon Dae-young talked about the significance of big data as an essential facility to drive innovation and competition in a big blur era and the need to create a level playing field among big platform service providers, financial institutions and fintech businesses.