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Finance

MyData market expands as Korea faces impact of consecutive base rate hikes

Korea\'s financial MyData service is set to expand beyond individuals to sole proprietors and small merchants, evolving from simple data checks to executing financial tasks. The Financial Services Commission plans to broaden the right to request transmission of credit information and to introduce a \"My AI agent\". Separately, the Bank of Korea has raised its base rate for a second straight month, adding to upward pressure on loan rates and borrowers\' interest burdens.

Fintech

Banksalad says users of AI interest rate cut request service up 125 percent

Banksalad said users of its AI-based interest rate cut request service have more than doubled since the service launched in March. It said the number of customers using the service in July was up more than 125 percent from March. Banksalad also cited a case in which a customer reduced annual interest by 9.3 million won through an interest rate cut. The company said refinancing users also increased in July.

Fintech

MyData market to expand as fintech eyes AI loans and finance groups focus on data sharing

Korea’s Financial Services Commission plans to expand MyData beyond individuals to include sole proprietors and small merchants, and to introduce a “My AI Agent” that can carry out financial actions on users’ instructions. The overhaul would integrate financial, commercial and public data for sole proprietors, including sales and tax information. Fintech firms are looking at AI-driven loan execution, while financial groups are focusing on sharing personal credit data among affiliates under revised rules.