South Korea will introduce Mydata services for small business owners and reshape related rules so that artificial intelligence agents can handle tasks such as requesting interest rate cuts, seeking debt restructuring and applying for policy funds on customers' behalf.
The Financial Services Commission announced the Mydata advancement plan on the 25th at the Bankers Association building in Jung-gu, central Seoul, during the second meeting of a legal advisory panel on reforming the personal credit information consent system.
Under the plan, self-employed business owners and small business owners will be able to use Mydata services. The industry has argued that services for credit management and business support have been limited for the self-employed, who have strong demand for consolidated data management, because the right to request credit information transfers is currently restricted to individuals. The FSC plans to revise the Credit Information Act to expand both the holders of the right to request credit information transfers and the recipients of credit information provided by the personal credit information management business to all credit information subjects.
The plan also opens the way for AI agents to provide financial task-handling services. Current Mydata services are limited to transferring and viewing credit information, so consumers need additional authentication and application steps to carry out actual financial transactions. The FSC intends to include among the rights that Mydata operators can exercise on behalf of clients the right to request interest rate cuts, the right to request debt restructuring, applications for voice-phishing relief, applications for policy funds, applications for refinancing loans, and searches and claims for unclaimed insurance benefits. An FSC official said that through the "AI agent-based right to request interest rate cuts," designated as an innovative financial service late last year, 160,000 people reduced their interest burden by about 100 billion won ($72 million), adding that the commission would pursue full-scale institutional improvements.
To allow Mydata operators to offer a wider range of services, the FSC will switch the concurrent operations of the personal credit information management business to a negative-list system. This means that businesses not listed under the Specialized Credit Finance Business Act or the Electronic Financial Transactions Act can also be conducted through licensing.
In addition, the FSC will expand the information provided through Mydata to include virtual assets and policy finance, and introduce a system for the joint use of personal credit information among affiliates of financial holding companies, laying the groundwork for new services to be launched. The commission plans to prepare a tentatively named "Mydata Combination and Use Guideline" so that collected information can be safely combined and analyzed.
