"My Assets at a Glance" MyData 2.0 Service Launches

Financial Services Commission Launches MyData 2.0
All Financial Assets Scattered Across Sectors Now Viewable at Once

The Financial Services Commission announced on the 18th that it will launch MyData 2.0, an upgraded version of its existing service.

In April, the Financial Services Commission unveiled its plan to advance MyData (Personal Credit Information Management Business) to MyData 2.0, and has since prepared for the launch by revising the Supervisory Regulations on the Credit Information Business, updating the MyData guidelines, and developing the necessary IT systems.

With this upgrade, users can now view all their assets, previously scattered across different financial sectors, at once. Previously, when signing up for MyData, users had to individually select and link each product they held with separate financial institutions. Now, users can simply select a financial sector (such as banking, insurance, or securities) without having to choose individual companies, and view their assets accordingly.

Previously, users were limited to connecting with up to 50 financial institutions, but with MyData 2.0, they can now link all financial institutions that manage their assets.

It is now also possible to view small-balance accounts, close them, and transfer balances directly through the MyData application (app). In the past, even if users identified unused small-balance accounts via the MyData app, they had to use each financial institution’s app or the Account Info service to close them.

However, with MyData 2.0, the service is now linked to the Account Info system, allowing users to not only view but also immediately close eligible accounts directly from the MyData app. When closing an account, the remaining balance can be transferred to a demand deposit account in the user’s name or donated to the Dormant Deposit Management Fund (Korea Inclusive Finance Agency).

Users can now also better manage their personal information. As of last month, there were about 165.31 million MyData service users, with each eligible Korean citizen aged 14 or older using an average of 3.5 services. However, it had been difficult for users to identify and manage all the services they had joined at once.

This has been improved so that users can now view all of their MyData service subscriptions and third-party data provision records through the MyData Pocket app or each provider’s MyData app. The MyData Pocket app also allows users to withdraw from individual services and revoke consent for third-party data provision.

The consent process has also been simplified. The current two-step information transmission request procedure (first, a list; second, detailed information) has been unified into a single request for the transmission of all financial assets, and consent for data collection, use, and provision is now obtained at once.

With these improvements, 27 financial MyData providers will begin offering the new service starting from the 19th, while the remaining providers will roll out the service sequentially according to their individual development schedules. A Financial Services Commission official emphasized, "We will closely monitor the operation of the new service in cooperation with related organizations and respond swiftly to ensure stable service delivery."