"We Will Ease Regulations on AI Adoption"... FSC Releases MyData Development Plan

[Financial News] The Financial Services Commission (FSC) will expand MyData services, which had been limited to individuals, to sole proprietors in step with the AI era. It will also introduce AI agents to maximize convenience for financial consumers.
On the 25th, the FSC held the second meeting of its legal advisory group on revising the consent system for personal credit information, chaired by Vice Chairperson Kwon Dae-young, and unveiled its MyData development plan. MyData was introduced in January 2022 and is now a service operated by 57 financial companies. As of July, 189.99 million people had used the service, and cumulative data transfers had reached 1.6252 trillion. At present, MyData services provide individuals with a range of functions, including integrated credit information searches, financial product recommendations, and data analysis.
However, because MyData services are limited to individuals, sole proprietors and small business owners have not been able to fully benefit. The FSC said it will broaden the service scope, noting that 61% of sole proprietors complain about difficulties in managing information. Some financial firms, led by KCD's Cashnote, as well as Shinhan Soho Mate and IBK BOX, already offer services for sole proprietors, but there have been continuing concerns that the current authentication system imposes limits.
The FSC plans to push for legal revisions that would expand the holders of the right to request credit information transfers and the scope of the personal credit information management business to all credit information subjects. The goal is to allow sole proprietors and small business owners to use MyData services as well.
The functions of MyData services will also be strengthened. By using AI agents, the scope of work will be expanded so that MyData operators can exercise financial rights on behalf of customers, in line with their instructions, including requests for interest rate reductions, debt adjustment requests, and applications for policy funds.
An industry official said, "Almost every financial company is paying close attention to services using AI agents," adding, "In addition to consumer convenience, companies are reviewing a range of services amid forecasts that payments and settlements in the future market could all be handled through AI."
A financial industry official said, "The current Credit Information Use and Protection Act needs to be revised, because broad consent or consent in name only leads to consumer harm, while financial companies evade responsibility on the grounds that they obtained consent." The official added, "In the AI era, we need to move quickly to update a law that is more than 30 years old and establish a system that suits both consumer convenience and financial firms' business models."
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