Toss Launches MyData 2.0... Streamlined Asset Viewing and Linking Process

Support for Batch Linking of Financial Assets by Sector
Dormant Deposits and Insurance Payouts Now Viewable
Balance Transfers and Closures Available Directly in the Toss App

Viva Republica, the operator of Toss, announced on June 19 that it is launching its MyData 2.0 service.

MyData is a system that helps users manage information scattered across various financial institutions by gathering it in one place. Since opening its MyData service in December 2021, Toss has enabled users to easily view their financial assets and spending history, as well as receive recommendations for personalized products and services.

With the launch of MyData 2.0, Toss is introducing enhanced user convenience and greater service stability. Users can access the MyData 2.0 service by updating their Toss application to the latest version.

First, the process for viewing and linking assets during the sign-up stage has been streamlined. In particular, users will now be able to retrieve all assets held across different sectors (such as banks, cards, securities, points, telecommunications, insurance, capital, and others). Previously, users were limited to viewing assets from up to 50 financial institutions at a time and had to select each asset to connect individually.

The range of financial assets that can be managed is also expanding. Dormant deposits and dormant insurance payouts can now be viewed through MyData. After checking these balances, users can transfer or close them directly in the Toss app. A new service will also allow users to donate dormant deposit and insurance balances to the Korea Inclusive Finance Agency.

The validity period for accessing asset information linked via MyData will be extended from one year to five years. To strengthen information security, measures will also be implemented to suspend or delete asset information updates if the service is not accessed for a certain period.

User-friendly features will also be available, such as checking merchant information in spending history or receiving notifications about financial assets that are about to mature.

A Toss representative stated, "MyData has become a core service that enables users to independently view and manage their financial information," adding, "We will continue to improve connectivity and usability with a more convenient and secure MyData service, striving to deliver user-centered services."

Meanwhile, Toss is also making efforts to protect users' financial assets through MyData. Last month, the company launched the 'Asset Protection Notification' service, which alerts users when new financial assets are detected. The purpose is to prevent further damage by notifying users if a financial product is opened without their knowledge, for example, due to identity theft.