South Korea's financial authorities plan to expand MyData services to small businesses and sole proprietors, widening a system that has mainly focused on individual consumers. The Financial Services Commission outlined the direction at a meeting on August 25 as part of a broader plan for the next stage of MyData.
From dashboards to financial action
The proposal would go beyond simply showing users information from different financial accounts. Regulators want to build an environment in which AI agents can help customers take practical actions, including requesting interest-rate reductions and applying for policy financing. For small business owners, that could make it easier to identify financing options and act on information that is currently spread across multiple institutions.
MyData has operated nationwide since January 2022. By the end of July, 57 providers were operating services, while the system had recorded 190 million cumulative customer registrations or uses as reported by the source. The next challenge is defining consent, accountability and data-access rules tightly enough for AI-assisted actions to be useful without weakening consumer protections.