MyData Evolves with AI Integration… Fintech Sector Calls for Expanded Data Scope and Variety

The financial authorities' announcement of the MyData development plan has been welcomed by the fintech industry and others. In particular, they highly evaluated the ability to officially develop and deploy AI-integrated agents.

On the 25th, the Financial Services Commission announced its MyData development plan. The plan includes allowing MyData for individual business operators, introducing AI agents, and expanding data utilization measures.

The fintech industry, a key player in the MyData sector, is focusing on the inclusion of AI integration. Once agents are permitted, AI will be able to act on behalf of customers by exercising rights such as interest rate reduction requests, debt restructuring requests, applications for relief from voice phishing fraud, policy fund applications, and refinancing loan applications.

Interest rate reduction requests through AI are already being operated under a regulatory exemption framework. According to the Financial Services Commission, 4.07 million customers have subscribed to this service, and 162,000 of them have reduced their interest payments by 100.3 billion won.

However, AI will not take out loans or make transfers without the customer's knowledge. According to the Financial Services Commission, AI agents are only permitted to exercise rights based on law and to act as proxies for applications. Comprehensive consent such as "automatically handle all affiliated services" is prohibited; instead, specific purposes, scopes, methods, and periods will be required in advance.

A financial industry official stated, "It is significant that AI is being fully integrated into MyData to expand services that support not only individual financial decision-making but also execution," adding, "We expect that AI agents will handle even the parts that customers find difficult to manage themselves, thereby enhancing actual financial benefits."

Relaxing data utilization regulations is also important for MyData operators. In the future, financial holding company affiliates and strategic partner companies will be able to jointly utilize personal credit information. Additionally, information obtained through MyData can be combined with information collected from core business activities.

For example, a card company could combine a customer's MyData loan information with its own card payment data for use in credit evaluation or marketing. Financial holding companies with multiple affiliates can significantly benefit from the effects of joint data utilization.

The industry also positively evaluated the inclusion of virtual assets and policy finance within the scope of MyData data provision. Until now, these two types of information were not included in the MyData data provision scope; however, the Financial Services Commission plans to improve this by amending the Enforcement Decree of the Credit Information Act.

Another financial industry official remarked, "We believe this will help users better understand and more efficiently manage their financial assets," and added, "We hope that discussions continue on expanding the scope and variety of data that MyData operators can additionally utilize."