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Finance

6 online lending firms call for standards for big conglomerate and large platform entry

Six online investment-linked lending firms that participate in financial institution-linked investments said separate standards are needed as major conglomerates and large financial platforms and institutions prepare to enter the sector. They said conflicts of interest and distorted competition could arise, especially if a powerful group runs both loan comparison and brokerage services and online lending. They also said current caps and approval procedures limit new funding, risking intensified competition for limited resources.

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.

Finance

South Korea to expand MyData to sole proprietors, push \'My AI Agent\'

South Korea\'s Financial Services Commission will expand financial MyData services, previously offered only to individuals, to include sole proprietors and small merchants. It also plans to introduce a \"My AI Agent\" that can go beyond information transfer and inquiries to exercise finance-related rights on a user\'s instructions. The FSC will broaden eligible data from finance-focused categories to areas including virtual assets and policy finance, and prepare amendments to the Credit Information Act.