FSC announces enhanced MyData 2.0 in financial services

Amongst the improvements to be implemented is expanding MyData’s access to the digitally vulnerable.

Korea’s Financial Services Commission (FSC) announced its plan to introduce an improved MyData to allow better access and use of the platform.

In a statement on 4 April 2024, FSC Chairman Kim Joo-hyun said that the plan for MyData 2.0 “is aimed at enabling more versatile utilisation of data by MyData service providers to help them improve their service quality for consumers.”

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One of the improvements on MyData 2.0 is its availability to digitally vulnerable groups, like the elderly, and individuals with visual impairments. They will be allowed to visit a bank to apply and use MyData service. Meanwhile, those aged 14 years old or above will be allowed to sign for the financial service without having to submit consent from a parent or legal guardian.

MyData service providers will be able to access more detailed information about consumer spending and payment history through the newer version of the platform, FSC said. This will allow them to better understand spending patterns to develop more individually tailored asset management services, it noted.

FSC also aims to create a one-stop search of financial accounts across all institutions, so that consumers do not have to remember and select which financial product and which company they signed up for. Users will also be able to look for inactive accounts and cancel them via the MyData app.

MyData 2.0 will also feature improved data protection and information security by giving data subjects more control over their data when shared with third-party entities, FSC said.

The MyData in financial services was launched in January 2022. It currently has 69 service providers with more than 117.8m subscribers.