Financial consumers in South Korea who change their name or resident registration number will be able to update their personal information across other financial companies by visiting just one firm they use. The authorities plan to implement the system in the first half of 2027 after building related infrastructure. Under the plan, the Korea Credit Information Services will verify the change and share it with other firms the next day.

Korea Credit Information, a credit rating firm for sole proprietors, will supply Shinhan Bank with data that can track sales and purchase flows for small merchants. The company said the dataset is based on the National Tax Service\'s Hometax and is designed to analyse both sales and purchases to identify actual business cash flow. Shinhan Bank plans to review ways to use the data, the company said.